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TMI Blog2015 (12) TMI 771X X X X Extracts X X X X X X X X Extracts X X X X ..... ial or information subsequently available to him that the assessee had not made full and true disclosure which led to income escaping assessment at the stage when the original assessment was completed. Short of that a re-appreciation of the existing materials which really amounts to review is impermissible. The Tribunal, in the circumstances of this case was justified in concluding that re-assessm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee's appeal on merits was allowed. The Revenue appealed against the merits. The assessee filed a cross appeal contending that the reopening of the assessment was not justified. The Tribunal by the impugned order allowed the assessee's cross appeal and thereafter deemed not necessary to examine the contentions from the merits. The relevant part of the Tribunal's reasoning extracts the reaso ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g amounts: - (i) Payable to DDA Rs.33,70,981/- (ii) Payable to (NDR) Rs.2,72,995/- (iii) Payable to ISBT Rs.11,75,997/- (iv) Payable to MCD Rs.29,09,173/- Total Rs.77,29,146/- These payments have not been made by the assessee before the due date of filing of his return, as this liability of ₹ 77,29,146/- also appears as outstanding as per Balance Sheet as on 31.3.2004. As pe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Court is of the opinion that no fault can be found with the Tribunal's order. It is well settled that in order to issue a valid reassessment notice, the AO has to be satisfied on the basis of tangible material or information subsequently available to him that the assessee had not made full and true disclosure which led to income escaping assessment at the stage when the original assessment was co ..... X X X X Extracts X X X X X X X X Extracts X X X X
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