Case Law Details
S. Raheja Realty Pvt. Ltd. Vs Office of Income Tax Officer (Gujarat High Court)
On perusal of the Explanation (1) of the Section 148, it is clear that that for the purpose of Section 148A, the information with the Assessing Officer which suggests that the income chargeable to tax has escaped assessment means any information fagged in the case of the assessee for the relevant assessment year in accordance with the risk management strategy formulated by the Board from time to time.
In the facts of the case, the information is available with the Assessing Officer as per related information details on record containing the Investigation Report in case of one Shiv Shakti Trading Company wherein the DDIT, (Investigation), Unit-3(3), Kolkata has given details with regard to the accommodation entry given by the said Shiv Shakti Trading Company, who is stated to have received unexplained and undisclosed fund for more than Rs.37 crores for the assessment year 2015-16, which in turn has been given to Talland Data Soft Private Limited and other entities and the assessee has also received the fund from the said Talland Data Soft Private Limited as can be seen from the Entry Nos.21 and 22 of the list of the beneficiaries of the account of Talland Data Soft Private Limited available at the Page No.139 of the petition.
Therefore, it is apparent that the information relevant for the assessment year in accordance with the Risk Management Strategy formulated by the Board from time to time is available and therefore we are of the opinion that Assessing Officer has rightly issued the notice by rejecting the objections of the assessee by referring to such information and considering the same in detail, the impugned order passed under Section 148A(d) of the Act is passed giving cogent reasons for rejecting the objections of the assessee in accordance with the provisions of the Act.
In view of the above facts the Assessing Officer has rightly treated the case to be a ft case for exercising powers of reopening of assessment.
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