2016 (6) TMI 1144

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..... ase of the assessee under appeal before us to be invalid. Accordingly, the notice issued u/s 148 of the Act is quashed and the consequential assessment order passed in pursuance thereto is also quashed. - Decided in favour of assessee
SHRI G.D. AGRAWAL, VICE PRESIDENT AND SHRI I.C. SUDHIR, JUDICIAL MEMBER Appellant by : Shri V.S. Rastogi, Advocate. Respondent by : Shri Atiq Ahmed, Senior DR. ORDER PER G.D. AGRAWAL, VP :- This appeal by the assessee for the assessment year 2004-05 is directed against the order of learned CIT(A)-XXXIII, New Delhi dated 7th June, 2013. 2. Ground Nos.1 & 2 of the assessee's appeal read as under:- "1. That on the facts and circumstances of the case and in law, the Commissioner of Income Tax .....

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..... ecorded by the Assessing Officer in the case of USG Buildwell Pvt.Ltd. In both the cases, assessment has been reopened on the basis of some opinion received from ACIT, Central Circle-19 on the basis of survey operations conducted in the case of S.K. Gupta group. Paragraph 2 of the reasons recorded both in the case of the assessee under appeal before us and USG Buildwell Pvt.Ltd. is in verbatim the same. Paragraph 3 & 4 are also almost same except the modification in the amount of cheque received by the assessee under appeal before us and the cheque received by USG Buildwell Pvt.Ltd. But, in substance, the reasons recorded in both these cases are identical. Therefore, we agree with the learned counsel that the decision of ITAT in the case of .....

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..... ich was filed on 14.11.2004 and was processed under sec. 143(3) of the Act. It was held that without forming a prima facie opinion, on the basis of such material, it was not possible for the Assessing Officer to have simply concluded, "it is evident that the assessee company has introduced its own unaccounted money in its bank by way of accommodation entries. The basic requirement is that the Assessing Officer must apply his mind to the material in order to form reasons to believe that the income of the assessee has escaped assessment. Such basic requirement while recording the reasons for initiation of proceedings under sec. 147 of the Act is missing in the present case before us. As it is evident in the reasons recorded, reproduced h .....

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