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TMI Blog2013 (9) TMI 1075X X X X Extracts X X X X X X X X Extracts X X X X ..... Utilities and Power Ltd [2009 (1) TMI 4 - BOMBAY HIGH COURT ] 313 ITR 340. Without going into the merit, in our view, the assessee should succeed on the legal issue itself - I.T.A. No. 4717/M/2012 - - - Dated:- 4-9-2013 - Vijay Pal Rao, Judicial Member And SD. Karunakara Rao, Accountant Member For the Appellant : Shri Vijay Mehta For the Respondent : Shri Deepak Ripote, DR ORDER PER D. Karunakara Rao, AM: This appeal filed by the assessee on 16.7.2012 is against the order of CIT (A)-10, Mumbai dated 25.5.2012 for the assessment year 2004-2005. 2. In this appeal, assessee raised the following grounds which read as under: The Ld CIT erred in law and on facts in not appreciating the fact that the assessm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is placed at page 19 of the paper book. On perusal, it is noticed that in the reasons, AO proposed to disallow the interest paid u/s 36(1)(iii) of the Act and also to tax some income based on the TDS certificates. All the relevant papers are available in the return and during the assessment proceedings before the AO. Ld Counsel also mentioned that though no addition was made on account of TDS certificates, except change in the head of income. Referring to the proposed disallowances u/s 36(1)(iii), Ld Counsel mentioned that there is no tangible material in his possession for facilitating the generation of the reasonable belief that there is a escapement of income. He merely picked up this issue on the figures of the financial statement which ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mandatory for re-opening of the assessment which is distinctly the fact of this case, the issue of notice u/s 148 is invalid. It is the requirement of the law that the existence of tangible material reflecting the fact of concealment of income or furnishing of the inaccurate particulars is the requirement. Now it is the trite law that the AO must possess tangible material for assuming jurisdiction under the said provisions. These views are confirmed by the list of decisions filed before us. 1. Asian Paints Ltd. Vs. DCIT (308 ITR 105) (Bom) 2. CIT vs. Orient Craft Ltd. (354 ITR 536) (Del.) 3. Telco Dadajee Dhackjee Ltd vs. DCIT in ITA No.4613/M/2005 4. Manu M. Parpia vs. DCIT in ITA No. 8507/M/2010 5. Hindustan Hardy Spicer Lt ..... X X X X Extracts X X X X X X X X Extracts X X X X
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