9911796707
TMI Blog2011 (6) TMI 228X X X X Extracts X X X X X X X X Extracts X X X X ..... under Section 260A of the Income tax Act, 1981 (for short 'the Act') is directed against the order of the Income Tax Appellate Tribunal (for short 'Tribunal') dated 25.07.2008 whereby the Tribunal held the reassessment proceedings under Section 147 to be invalid and quashed the assessment framed by the Assessing Officer under Section 143(3)/147. 2. The Revenue being aggrieved by the said ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng the course of search and seizure operation under Section 132 of the Act subsequent investigation was carried out in the case of M/s Rakesh Nagar & Co. it was found that M/s Rakesh Nagar & Co. had deposited huge amount of cash in bank account and issued cheques of various amounts in favour of the assessee. It was found that the bank account was used to launder funds and no real transaction had t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the assessee on behalf of M/s Rakesh Nagar & Co. and, therefore, no addition was made on account of the reasons recorded for reopening the case. However, during the re-assessment proceedings Assessing Officer found that the assessee company had incurred losses on account of purchase and sale of shares of Rs. 17,98,761/- and also earned profit of Rs. 20,89,360/- from other allied activities. Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eferred by Revenue. 5. The present case is squarely covered by the judgment of this Court in ITA No. 148/2008 titled as Ranbaxy Laboratories Limited v. Commissioner of Income Tax, pronounced today, i.e., 3rd June, 2011 by this Court. 6. In view of the same, we answer the questions in affirmative in favour of the assessee and against the Revenue and consequently dismiss the appeal.& ..... X X X X Extracts X X X X X X X X Extracts X X X X
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