Bhavin Kishorebhai Zinzuwadia Vs ACIT (Karnataka High Court)
The Karnataka High Court considered a writ petition challenging notices dated 06.11.2019 issued under Section 153C of the Income Tax Act, 1961 for Assessment Years 2009-10 to 2014-15. The original notices dated 05.08.2019 for Assessment Years 2011-12 to 2017-18 had been withdrawn, following which fresh notices were issued.
The petitioner sought copies of the documents relied upon and the satisfaction notes recorded under Section 153C. The respondent supplied the satisfaction note recorded by the Assessing Officer of the searched person on 31.03.2018 and the satisfaction note recorded by the jurisdictional Assessing Officer on 23.10.2019. According to the satisfaction notes, a search conducted on 10.03.2015 at the premises of M/s. Venus Infrastructure and Developers Pvt. Ltd. and Shri Ashok S. Vasvani resulted in seizure of documents and digital data, including 11 documents pertaining to the petitioner. The respondent recorded that seized material indicated cash payments by the petitioner in connection with property purchases in the Venus Amadeus project, including alleged cash payments aggregating Rs.2 crore during Financial Year 2011-12 over and above the documented consideration. On that basis, the Assessing Officer recorded satisfaction that the seized material related to the petitioner and had a bearing on determination of total income for Assessment Years 2009-10 to 2014-15.
