9911796707
TMI Blog2014 (5) TMI 36X X X X Extracts X X X X X X X X Extracts X X X X ..... bunal when the assessment was made u/s 143(3) of the Act – the contention of the assessee that the AO has initiated re-assessment proceedings on the basis of the same facts which has been considered in the original assessment proceedings is accepted - there is no new facts which has come to the knowledge of AO for initiation of re-assessment proceedings – also, re-assessment proceedings has been initiated after expiry of more than four years, as is evident from the notice issued u/s 148 dated 28.3.2011, which is after expiry of four years from the end of the relevant assessment year – thus, the order of the CIT(A) is upheld that the action of AO was not justified – Decided against Revenue. X X X X Extracts X X X X X X X X Extracts X X X X ..... instruction No.9/2006 dated 7.11.2006" 2. We have heard ld. Representatives of the parties and have perused the orders of authorities below. We observe that the assessee filed original return of income of Rs.20,69,310/- as per provisions of section 115JB of the Income Tax act, 1961(the Act). Assessment was made u/s 143(3) of the Act on 6.12.2006 assessing total income at Rs.20,69,558/- as under : A. Business income Less : Set off of unabsorbed business loss Total business income B. Capital gain on sale of depreciable assets Less: Brought forward long term capital loss Total income assessed Rs.1,07,13,073 Rs.1,07,13,073 NIL Rs.30,65,000 Rs.9,95,442 Rs.20,69,558 The ld. CIT(A) vide order dated 4.9.2008 revised total income of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y of Rs,.4,75,758/- including interest u/s 234B of the IT Act Thus, I have a reason to believe that the assessee had not made a full and true discloser in the return of income. As such I have reason to believe that the income of Rs.9,95,442/- chargeable to tax under the provisions of the ITAct, 1961 had escaped assessment for AY 2004-05" AO completed the assessment u/s 143(3) r.w.s.147 of the Act on 26.8.2011. Being aggrieved, assessee filed appeal before the First Appellate Authority disputing the validity of initiation of re-assessment proceedings. Ld. CIT(A) annulled the assessment after observing that the reasons enumerated by AO for his action of reopening of assessment are not tenable and justified in view of the decision of the Hon ..... X X X X Extracts X X X X X X X X Extracts X X X X
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