Proceedings initiated by AO under section 147 on basis of same were valid

IT: Where AO had recorded reasons to believe based on confession made by partner of assessee that he had taken cash loan from market which were not disclosed in regular books of account at time of search and seizure, proceedings initiated by AO under section 147 on basis of same were valid
■■■
[2014] 51 taxmann.com 188 (Kolkata - Trib.)
IN THE ITAT KOLKATA BENCH 'A'
Deputy Commissioner of Income-tax, CC-XVI, Kolkata
v.
Kumar Traders*
P.K. BANSAL, ACCOUNTANT MEMBER
AND MAHAVIR SINGH, JUDICIAL MEMBER
IT APPEAL NOS. 574 TO 585 (KOL.) OF 2010
[ASSESSMENT YEAR 1999-2000]
SEPTEMBER  12, 2014
Section 69A, read with section 147 of the Income-tax Act, 1961 - Unexplained moneys (Reassessment) - Assessment year 1999-2000 - Search and seizure operation was carried out on assessee firm and in course of search, two laptop computers were found and seized from possession of SK a partner of assessee - Reassessment was initiated on basis of printouts from these laptops and statement of SK wherein he stated that he had taken cash loan from market which were not disclosed in regular books of account - Assessee argued that same very material was available with Assessing Officer at time of assessment, and therefore reasons to believe recorded were vague and based on suspicion - Whether, there was no evidence or material brought on record by assessee which may prove that Assessing Officer had duly considered statement of SK while framing original assessment, on basis of which reasons to believe had been recorded - Held, yes - Whether thus Assessing Officer had 'reason to believe' to initiate re-assessment proceedings and proceedings initiated by Assessing Officer under section 147 on basis of material available on record were valid- Held, yes[Paras 6.6, 6.7 & 6.22][In favour of revenue]