9911796707
TMI Blog2015 (9) TMI 1552X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs. 3,05,290/-. The said return was initially processed by the Assessing Officer under section 143(1) of the Act. Subsequently, the assessment, however, was reopened by him and a notice under section 148 was issued to the assessee by him on 23.07.2010 after recording the reasons. In reply, a request was made by the assessee to treat the return originally filed by her on 24.07.2008 as the return filed in response to the notice under section 148. Thereafter the assessment was completed by the Assessing Officer under section 143(3) read with section 147 vide order dated 21.12.2011 computing the total income of the assessee at Rs. 10,87,100/- after making the following three additions:- (i) Advances received for providing vaccination under sec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee has moved an application seeking admission of the relevant Ground No. 1 wherein the preliminary issue relating to validity of assessment is raised before the Tribunal for the first time. In the said application, the assessee has relied on the decision of the Hon'ble Supreme Court in the case of NTPC, wherein it was held by the Hon'ble Supreme Court that the legal issue can be raised by the assessee at any stage provided all the fact s necessary to adjudicate upon the said issue are available on record. In the present case, the issue sought to be raised by the assessee in the additional ground is purely a legal issue and the relevant fac ts necessary to adjudicate upon the same being available on record as agreed even by the ld ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essment, which are ext racted below:- "From the balance sheet as on 31.03.2007 and 31.03.2008 it was found that the capital balance were Rs. 23,54,164.25 and Rs. 29,76,667.52 and unsecured loan from others were Rs. 9,50,656 and Rs. 18,00,656 respectively, but no interest were debited for talking loans/advances. During FY 07-08, the assessee had shown long-term investment of Rs. 37,91,377.93 and current assets, loans/advances of Rs. 7,26,215.59. From the above analysis of balance sheet and profit & loss account, it may be possible that the assessee had introduced her unaccounted money in disguise of loans /advances". It is clearly evident from the reasons recorded by the Assessing Officer that there was actually no reason for him to have ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r which certain examination is to be conducted for forming a reason to believe as to the escapement of income. If the facts of the present case including especially the reasons recorded by the Assessing Officer for reopening the assessment are considered in the light of the decision of the Coordinate Bench of this Tribunal in the case of Deputy Director of income Tax (Internat ional Taxation)-21, Mumbai -vs.- Societe International De Telecommunicat ion (supra), I am of the view that the initiation of reassessment proceeding itself was bad in law and the assessment completed by the Assessing Officer under section 143(3) read with section 147 in pursuance of such invalid initiation is liable to be cancelled. I order accordingly. 7. Keeping i ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
