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Issues Involved:
The judgment involves a common issue in all the assessee's appeals regarding the validity of the reassessment u/s 147 and the jurisdiction of the AO. Validity of Reassessment u/s 147: The AO reopened the assessment for the A.Y. 2001-02 based on a survey conducted, alleging failure by the assessee to disclose correct income particulars. The assessee contended that the reassessment was bad in law as the AO did not pass an order rejecting objections raised, citing the GKN Driveshafts case. The CIT(A) upheld the AO's action, stating that discrepancies revealed during the survey provided prima facie reasons for reassessment. The assessee appealed, arguing that objections were not disposed of by the AO, as required by law. The Tribunal noted that the AO did not pass a speaking order on the objections, following the GKN Driveshafts case, and remanded the case back to the AO for proper disposal of objections before proceeding with reassessment. Other Grounds: The Tribunal did not delve into other grounds raised by the assessee on the merits of the case, as the primary issue of objection disposal needed resolution first. The decision on this issue was deemed applicable to other assessment years as well. The department's appeals were also remanded to the AO for consideration in light of the decision on the primary issue. In conclusion, the appeals by both the assessee and the department were allowed for statistical purposes, with the case remanded back to the AO for proper disposal of objections raised by the assessee before reassessment proceedings.
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