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TMI Blog2012 (9) TMI 1026X X X X Extracts X X X X X X X X Extracts X X X X ..... rn of income was filed on 31/10/2004 admitting a total income of ₹ 27,46,999/-. As against the return of income, the assessment was completed u/s 143(3) of the Act on 30/08/2006 at a total income of ₹ 33,23,547/-. Subsequently, a notice dated 27/04/2010 u/s 148 of the Act was issued proposing to reopen the assessment on the ground of income has got escaped from the assessment. 3. On receipt of the order u/s 148 of the Act, the assessee objected to the proposed assessment and asked for reasons recorded for issuance of notice u/s 148 vide letter dated 28/04/2010. The assessee had not received the reasons recorded from the Assessing Officer. In the meanwhile, the Assessing Officer completed the assessment u/s 143(3) read with se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nexus between the reasons recorded and assessment framed. ii) The AO has travelled beyond the scope of section 147 of the Act, 1961 by making an addition, which is not the basis of initiation of reopening. iii) The reasons recorded are found to be incorrect." 9. The CIT(A) after considering the submissions of the assessee, as in para 5.4, held that as could be seen from the assessment record, the issue under reference i.e. deemed dividend was not a subject matter of discussion in the original assessment passed u/s 143(3). The CIT(A) further observed that regarding the reasons recorded for reopening the assessment, it revealed that the AO has considered two issues for reopening the assessment and the issue under reference being one of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ther contended that the AO had conceded that the assessee had made a full disclosure of all material facts necessary for the assessment. To this effect the learned counsel referred the findings of the AO vide page No. 2 of his order, which are as under:- "On verification of the information available on record, it is observed that M/s Active Power Corporation Ltd., has gifted land valued in the books at ₹ 44.04 lakhs to Shri V. Radha Krishna on 15/12/2003. Sri V. Radha Krishna is a substantial shareholder in M/s Active Power Corporation Ltd., a company in which public are not substantially involved. By virtue of provisions of section 2(22)(e), the amount of ₹ 44,04,467/- are to be treated as taxable dividend income in the hands ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the orders of the authorities as well as the decisions cited. We find that the assessee had addressed the letter dated 28/04/2010 to the DCIT, Central Circle-7, Hyderabad asking for the reasons recorded for the issue of notice u/s 148, and had failed to receive the same. It was only after the receipt of the order of the CIT(A) that the assessee had come to know the reasons recorded wherein vide para 5.5 of the order, the reasons recorded wee reproduced by the CIT(A). We find that the Hon'ble Bombay Bench of ITAT in the case of Tata International Ltd. Vs. DCIT, Mumbai in ITA Nos. 3359 to 3361/Mum/2009 vide order dated 29/06/2012 following the judgment of Hon'ble Bombay High Court in the case of CIT Vs. Videsh Sanchar Nigam Ltd. 340 ITR 66 an ..... X X X X Extracts X X X X X X X X Extracts X X X X
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