Assessee created special purpose vehicle (SPV) company namely, Allcargo Logistics Limited\u00a0 in joint venture with two companies which purchased a land for project of ship building yard undertaken by assessee. A search was conducted upon Allcargo Logistics Limited\u00a0 group of companies which also included assessee being MD of a company. During search it was found that said SPV of assessee had issued cheques to various entry providers as capital expenditure for purchase of land but same was received in form of cash by assessee\u00a0\u00a0 Assessee had engaged Vasudev Ramdas Thacker, a land broker for acquiring land and obtained bogus bills for generating cash by way of accommodation entries.Accordingly, assessment was completed under section 143(3) read with section 153A\u00a0 Thereafter, a reopening notice was issued upon assessee on ground that Allcargo Logistics Limited\u00a0\u00a0\u00a0 had issued cheques to Vasudev Ramdas Thacker\u00a0 and cash was received by assessee but assessee did not disclose said transaction. On writ the Court held that\u00a0\u00a0 there was no any failure on part of assessee to disclose fully and truly material facts during regular assessment. Non furnishing of details of bank account maintained by a different legal entity, namely, Allcargo Logistics Limited\u00a0\u00a0\u00a0\u00a0\u00a0 that had been made basis for reopening of assessment by assessee could not be said failure on part of assessee to make full disclosure. There was no tangible material with Assessing Officer, which would form a basis for his ‘reason to believe’ that payments made to Vasudev Ramdas Thacker\u00a0 a\u00a0 resulted in generation of cash, which ultimately found its way to assessee. On facts\u00a0 reopening of notice and order disposing the objection is quashed and set aside. (AY. 2019-20)\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"
S.147: Reassessment-After the expiry of four years-No failure to disclose material facts-Purchase of land-Reassessment notice and order disposing the objection is quashed and set aside.[S.69C, 147, 153A, Art. 226] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-53062","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-dNQ","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/53062","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=53062"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/53062\/revisions"}],"predecessor-version":[{"id":53063,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/53062\/revisions\/53063"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=53062"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=53062"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=53062"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}