Dismissing the petition the court held that , on the basis of information from CBI that the receipts were camouflaged as capital receipts . Considering fact that there were materials and informations on record with revenue, reopening of assessment was in accordance with law and the assessee failed to establish any legally acceptable ground for purpose of interfering with reopening of assessment.Reasons recorded by the Assessing Officer need not be communicated along with the notice itself – Notice issued for purpose of reopening of assessment would not provide a cause of action for filing writ petitions . Accordingly the writ petitions being devoid of merit were to be dismissed ( AY. 2008 -09, 2010-11, 2011-12)
South Asia FM Ltd. v. ACIT (2018) 259 Taxman 266 /(2019) 413 ITR 205(Mad) (HC)
S.147:Reassessment- Cash credits -Share capital- On the basis of information from CBI that the receipts were camouflaged as capital receipts- Considering fact that there were materials and informations on record with revenue-Reopening of assessment was done to verify the genuineness of the investment – R reassessment is in accordance with law- Reasons recorded by the Assessing Officer need not be communicated along with the notice itself – Notice issued for purpose of reopening of assessment would not provide a cause of action for filing writ petitions . [ S.68, 143(1),148 ]