40. Sahebrao Deshmukh Co-op Bank Ltd vs ACIT
[2023] 455 ITR 92 (Bom.)
A.Y. 2013–14: Date of order: 10th February, 2023
Sections 147 and 148 of ITA 1961.
Reassessment — Validity — Proper procedure to be followed — Reasons for notice and satisfaction note for approval not furnished to assessee — Documents relied on for issue of notice not furnished to assessee — Order of reassessment Not Valid.The AO issued notice under section 148 of the Income-tax Act, 1961, dated 31st March, 2021, for re-opening of assessment for the A.Y. 2013–14. The AO claimed that the notice was being issued after obtaining necessary satisfaction of the PCIT. Thereafter, on 26th January, 2022, the AO issued notice under section 142(1) of the Act, calling upon the assessee to furnish the accounts and documents. In response to the said notice as also the notice dated 31st March, 2021, issued under section 148 of the Act, the assessee filed its reply on 27th January, 2022, and requested the AO to furnish a copy of reasons recorded for re-opening of assessment. On the same day, the assessee also filed its return of income. The AO, vide notice dated 5th February, 2022, provided the reasons recorded for re-opening. As per the reasons recorded, a survey was conducted under section 133A on 14th December, 2016, at the premises of Shri Shripal Vora at Bhavnagar and unaccounted cash was seized from the premises. From the statements on oath recorded un
