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TMI Blog2016 (3) TMI 831X X X X Extracts X X X X X X X X Extracts X X X X ..... tune of ₹ 33,04,144/-. Thus, from the reasons recorded, there is nothing to disclose that the Assessing Officer has formed any opinion that income chargeable to tax has escaped assessment All that the reasons recorded reflect is the opinion of the audit party. Section 147 of the Act provides that if the Assessing Officer has reason to believe that any income chargeable to tax has escaped assessment for any assessment year, he may reopen the assessment in terms thereof. Thus, it is the satisfaction of the Assessing Officer which is necessary for reopening the assessment. In the present case, on a plain reading of the reasons recorded, it is evident that no such satisfaction has been recorded by the Assessing Officer. The Commission ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ober, 2005 declaring total income at ₹ 2,89.980/- which was processed under section 143(1) on the returned income. The matter was taken up for scrutiny and assessment came to be framed under section 143(3) of the Act vide order dated 27th December, 2006 determining a total income of ₹ 2,99,980/-. Subsequently, the Assessing Officer reopened the assessment by issuing notice under section 148 of the Act on 22nd March, 2010. The reasons recorded for reopening the assessment read thus:- The assessee has trading business in agriculture produces has shown shortage of 2.52% as against 0.0092% to 0.35% shown by other 5 parties in audit memo. This resulted in lower Sales and lower profits. The audit party considered 0.50% as reasona ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 33,04,144/-. Thus, from the reasons recorded, there is nothing to disclose that the Assessing Officer has formed any opinion that income chargeable to tax has escaped assessment for the reasons recorded therein. All that the reasons recorded reflect is the opinion of the audit party. Section 147 of the Act provides that if the Assessing Officer has reason to believe that any income chargeable to tax has escaped assessment for any assessment year, he may reopen the assessment in terms thereof. Thus, it is the satisfaction of the Assessing Officer which is necessary for reopening the assessment. In the present case, on a plain reading of the reasons recorded, it is evident that no such satisfaction has been recorded by the Assessing Officer. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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