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TMI Blog2017 (5) TMI 1098X X X X Extracts X X X X X X X X Extracts X X X X ..... essment. Have no hesitation to hold the reassessment proceedings as well the reassessment as invalid and bad in the eyes of law. It stands set aside. - Decided in favour of assessee. - I.T.A. No. 1388/Mds/2016 - - - Dated:- 3-5-2017 - SHRI ABRAHAM P. GEORGE, ACCOUNTANT MEMBER For The Appellant : Shri. T. Banusekar, C.A. For The Respondent : Shri. M. Murali Mohan, JCIT ORDER Assessee in this appeal, directed against an order dated 04.02.2016 of ld. Commissioner of Income Tax (Appeals)-15, Chennai has raised altogether eleven grounds of which ground 2 to 5 challenges the reopening done for the impugned assessment year. Appeal has been filed with a delay of one day. Condonation has been filed. Delay is condoned and appea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ated escapement of income as 50% of the interest claim since loan was taken in joint names. However, as per ld. Authorised Representative when the assessment was completed the interest was denied in-toto not for this reason but for a reason that assessee occupied the property for residential purpose only in March 2005. Contention of ld. Authorised Representative was that addition made being not related to the reason given for reopening the assessment, by virtue of judgment of Hon ble Rajasthan High Court in the case of CIT vs. Shri Ram Singh, 306 ITR 343, Bombay High Court in the case of CIT vs. Jet Airways (I) Ltd 331 ITR 236 and that of Delhi High Court in the case of Ranbaxy Laboratories Ltd vs. CIT 336 ITR 136 the reassessment failed. I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2012 While processing the return of income, the entire housing loan interest was allowed which should be restricted to 50% as the loan was taken in joint names. Since this is a time barring assessment, you are requested to furnish your reply on or before 01.02.2013. Yours faithfully, (N. MADHAVAN) Deputy Commissioner of Income Tax Salary Circle VI(i/c), Chennai. Fifty percent of the amount comes to C57,824/- only. Section 149(1) of the Act is reproduced hereunder:- (1) No notice under section 148 shall be issued for the relevant assessment year,- ( a) if four years have elapsed from the end of the relevant assessment year, unless the case falls under clause (b) or clause (c); (b) if four y ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment order has been passed or the objection filed under Section 148 has been decided along with the assessment order. If the objection under Section 148 has been rejected without there being any tangible material available with the Assessing Officer to form an opinion that there is escapement of income from assessment and in absence of reasons having direct link with the formation of the belief, the writ Court under Article 226 can quash the notice issued under Section 148 of the Act. The writ petition filed by the petitioner is maintainable. The Assessing Officer is mandated to decide the objection to the notice under Section 148 and supply or communicate it to the assessee. The assessee gets an opportunity to challenge the order in a writ ..... X X X X Extracts X X X X X X X X Extracts X X X X
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