9911796707
TMI Blog2006 (10) TMI 73X X X X Extracts X X X X X X X X Extracts X X X X ..... n the case of respondent assessee have been quashed. 2. The appellant has sought to raise the question about validity of the finding reached by the Tribunal as well as by CIT (Appeals) that reopening of the assessment for these two years cannot be sustained. 3. The facts of the case are that, in the first instance, the respondent assessee has filed return for assessment year 1985-86 on 30/3/1985 declaring loss of Rs. 69,735/- and, thereafter on March 31, 1986 another return was filed under Amnesty Scheme declaring loss of Rs.32,565/-. A search was conducted at the assessee's premises on March 15, 1990 and proceedings were initiated under Section 147 read with Section 148 of the Income Tax Act, 1961. Finally, assessments were conclud ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gs, the Assessing Officer passed second reassessment order under Section 143(3) read with Section 147 on 30/3/1998. On appeal, the CIT (Appeals) quashed the reassessment order by holding that initiation of proceedings under Section 148 was bad. That conclusion has been upheld by the Tribunal vide order under appeal. 7. Having given our careful consideration to the facts and circumstances of the case and the submissions made by learned counsel for the appellant, we are of the opinion that issues raised in these appeals are of academic importance and from the narration of facts it is apparent that first reassessment proceedings initiated after the search was conducted at the premises of respondent assessee on March15, 1990 had not attaine ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Tribunal has categorically reached a finding in these appeals that M/s. Jagadamba Griha Nirman Sahakari Samiti Ltd, Jodhpur, is a separate entity with the respondent assessee. On the basis of this finding also, the reassessment order framed in favour of respondent assessee could not have been sustained. The finding that M/s.Jagadamba Griha Nirman Sahakari Samiti Ltd. and respondent assessee are two separate entities and independent of each other is a finding of fact and that finding has not been challenged before us. For that reason also assessment order dated 30/3/1998 cannot be sustained. Viewed from any angle, the questions raised in these appeals are of academic importance and cannot be considered as questions of law requiring consid ..... X X X X Extracts X X X X X X X X Extracts X X X X
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