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TMI Blog2016 (11) TMI 73X X X X Extracts X X X X X X X X Extracts X X X X ..... e Tax ORDER The asessee challenges reassessment notice under Section 147-148 of the Act issued by the revenue seeking to re-open the concluded assessment for AY 97-98. The reasons furnished by the respondent/revenue to re-open the assessment are extracted below- Reasons for the belief that income has escaped assessment. The assessee company has claimed deduction u/s 801A on 30% of taxable inco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... itioner to indicate the break-up of income that arose on account of commission and interest on fixed deposits empowers it to proceed under Section 147. It is submitted that in any event, the materials on record originally disclosed to the revenue at the time of completion of assessment, do not give the appropriate break up; more significantly the AO did not make diligent enquiries in that regard. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the reasons furnished by the revenue that there is no allusion to tangible material in the form of objective documents, information etc outside of the concluded assessment and the documents pertaining to it. According to the binding ruling of the Supreme Court in Commissioner of Income Tax vs. Kelvinator Ltd. 320 ITR 561, sans such documents, evidence or tangible material, there cannot be valid o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ccount of better explanations furnished in the course of legal proceedings (refer M.S. Gill and Anr. vs. Chief Election Commissioner AIR 1978 SC 581.
For the foregoing reasons, the petition has to succeed. The reassessment notice dated 31.03.2004 and all further proceedings emanating from it are hereby quashed.
The writ petition is allowed in the above terms. X X X X Extracts X X X X X X X X Extracts X X X X
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