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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 ..... e assessee submitted that the original assessment for the impugned assessment year was completed u/s.143(1) of the Act. As per ld. Authorised Representative, assessee was a salaried employee and had claimed C81,561/- as interest payable on a housing loan for a self-occupied property with address Flat No.1, Bharani Lokesh Shrisha, Z- Block, New No.24, 11th Street, Anna Nagar West, Chennai. Submission of the ld. Authorised Representative was that, ld. Assessing Officer had issued a notice u/s. 148 of the Act for reopening the assessment on 29.03.2012. As per ld. Authorised Representative, assessee vide his letter filed 24.04.2012 requested for the reasons for reopening. These reasons, according to him, were supplied after six months on 18.01. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d Representative the reopening having been done after four years from the end of the impugned assessment year and the escapement of income being less than C1,00,000/-, notice issued u/s.148 of the Act was invalid. 3. Per contra, ld. Departmental Representative submitted that objections to the reasons were dealt with in the assessment order. Further, according to him disallowance made was that of the same amount referred to in the reasons. As per ld. Departmental Representative, original assessment was only a processing under section 143(1) of the Act and by virtue of the judgment of Hon'ble Apex Court in the case of ACIT vs. Rajesh Jhaveri Stock Brokers P. Ltd, 291 ITR 500, the reopening was valid. 4. I have considered the rival contentio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... chargeable to tax which has escaped assessment amounts to or is likely to amount to one lakh rupees or more for that year. (c) if four years, but not more than sixteen years, have elapsed from the end of the relevant assessment year unless the income in relation to any asset (including financial interest in any entity) located outside India, chargeable to tax, has escaped assessment''. It is clear that once four years have gone by, a reopening notice can be sent only if income which has escaped assessment is more or likely to be more than C1,00,000/-. That apart, assessee's objection to the reasons given for re-opening were never disposed of by ld. Assessing Officer, prior to completing the assessment. He had dealt with this only in hi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing Officer to decide the objection to notice under section 148 by a composite assessment order. The Assessing Officer was required to, first decide the objection of the assessee filed under section 148 and serve a copy of the order on assessee. And after giving some reasonable time to the assessee for challenging his order, it was open to him to pass an assessment order. This was not done by the Assessing Officer, therefore, the order on the objection to the notice under section 148 and the assessment order passed under the Act deserves to be quashed''. The judgment of Hon'ble Apex in the case of Rajesh Jhaveri Stock Brokers P. Ltd, (supra) is of little help to the Revenue when reopening is time barred and objection to reasons given for ..... X X X X Extracts X X X X X X X X Extracts X X X X
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