9911796707
TMI Blog1989 (11) TMI 98X X X X Extracts X X X X X X X X Extracts X X X X ..... nt which is made under s. 17(1)(b) of the WT Act. The assessee for these various years at the time of original assessment had filed a detailed balance-sheet in which an advance given to one of the trustees, namely, Shri Devilal Sharma, was shown under the head 'advances'. The said trust is in existence from 1955 and the advance so provided to the trustee was in the knowledge of the WTO at the time of making of the original assessment. The basis of reopening was that since the trust had advanced monies to one of the trustees, thereby provisions contained in s. 13 of the IT Act, i.e., diversion of the part of the funds of the trust to the immediate benefit of the trustee, thus, the object of the trust to carry on the charitable purpose had be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs. 34,000 for the asst. yrs. 1978-79, 1979-80, 1980-81 and 1981-82 respectively. The WTO no doubt had not made any specific mention or observation in regard to these advances so shown to have been given to one of the trustees in the balance-sheet for the various years. But, all the same, the information of the advance so provided to a trustee was on the records of the Revenue. In these circumstances, the involving of the proviso to s. 17(1)(b) of the WT Act that on the basis of information received by the WTO that he had sought to reopen the assessment would not be proper for the reasons that (a) the information should not have been provided by the assessee at the time of original assessment, (b) it must not exist on the records of the Rev ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... red by the WTO. It hold that it was a case of claim of expressed exemption in respect of a property which was granted to it by the order of the WTO. The Tribunal held that on these facts it was a case of change of opinion by the AO and neither there was any failure on the part of the assessee to truly disclose all the primary facts or that any new information came to the possession of the WTO. The reassessment was held as invalid. The Revenue preferred reference and Their Lordships considering the facts as found by the Tribunal expressed the opinion that the decision of the Tribunal in the circumstances as existed was proper. 6. In the present case too, the facts are identical as were considered is the case of Shri Manilal Desai. We uphold ..... X X X X Extracts X X X X X X X X Extracts X X X X
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