2013 (6) TMI 719

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..... PER SUNIL KUMAR YADAV: This appeal is preferred by the Revenue against the order of CIT(A) on a solitary ground that CIT(A) has erred in quashing the assessment order passed by the Assessing Officer holding action u/s 147 of the I. T. Act as invalid placing reliance on various case laws. 2. The facts, in brief, borne out from the record, are that the Assessing Officer has received the infor .....

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..... Ltd., Fatehpuri, Delhi. It was contended by the assessee that the assessee is not maintaining any account with the aforesaid mentioned bank for purchasing the draft in excess of ₹ 50,000/-. He accordingly asked the Assessing Officer to furnish bank statement etc. He also objected to the reopening of the assessment as it was done without independent application of mind of the Assessing Office .....

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..... the appellant and perused the assessment order. It is seen that the Assessing Officer after receipt of ADI report in note form issued notice u/s 148 of the IT Act without verifying the contents thereof and this is a case of borrowed satisfaction. There had been no statement of so called donor with the ADI, at the time of forwarding the report nor with the AO as well as ADI New Delhi till the compl .....

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..... 5. CIT vs. Pradeep Kumar Gupta (2007) 207 CTR 115 (Del.) Thus in the totality of the facts and circumstances of the case, the action taken by the Assessing Officer u/s 147/148 is not maintainable and the same is quashed. Accordingly the assessment order passed by the AO is annulled. Since reassessment is annulled on the basis of reasons itself no other addition can be made in view of the Hon .....

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..... t income chargeable to tax has escaped assessment. Requirement of law is that before initiating proceedings u/s 147 of the Act, there should be independent material before the Assessing Officer to form a belief that income chargeable to tax has escaped assessment. But in the instant case, the essential factor for reopening the assessment is missing. We, therefore, find no infirmity in the order of .....

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