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TMI Blog2018 (1) TMI 891X X X X Extracts X X X X X X X X Extracts X X X X ..... I 4 - DELHI HIGH COURT) held that there must be some nexus between “reason to believe” recorded and the assessment framed. In this case also, the AO had not made any addition on the basis of reasons recorded and try to reduce other valid claim of the assessee allowed during the assessment u/s 143(3) of the Act. It is well settled law that where two non-jurisdictional High Court’s decisions are opposed to each other, the one in favour of the assessee is required to be followed by the Tribunal. The reference, if any, required, may be made to the decision of CIT Vs. Vegetable Products Ltd. (1973 (1) TMI 1 - SUPREME Court). - Decided in favour of assessee - ITA No. 299 /AGR/2016 - - - Dated:- 16-1-2018 - SHRI A.D. JAIN, JUDICIAL MEMBER AN ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to law. 3. Apropos modified Ground 1b, the assessee has challenged the re-assessment order on legal ground that the reason for assuming escapement of income no longer existed,in law in for assuming jurisdiction u/s 147. 4. The reasons recorded by the Assessing Officer (AO) for initiating reopening proceedings for the completed assessment of the assessee for assuming jurisdiction u/s 148 of the Act,APB-(APB-13), reads as under: the assessee has not shown its interest of income of ₹ 11,24,308/- granted on refund by the Department on 30.12.2010 for the AY 2000-2001. Since the assessee has knowingly not furnished the true and correct details of his income for the AY 2011-12, hence, I have reason to believe that income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 73,578/- (copy of computation enclosed) Anil Kumar Gupta 3,90,730/- (----do--------! Gupta Academics Pvt- Ltd. 3,60,000/-(copy of p l a/c enclosed) TOTAL. 11.24.308/- To substantiate the aforesaid contents, the copy of return of income together with computation of undersigned and also Shri Anil Kumar Gupta is hereby enclosed. The copy of p l a/c of M/s Gupta Academics Pvt. Ltd. is also enclosed for your reference. The said face was stated before the Ld. A.O. None of these facts are controverted and the Ld. A.O. seemed convinced with the reply. The assessee had also in his reply da ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essing Officer in the hands of the appellant as the appellant had not shown the rest of the interest income received in his computation of income. The appellant through various documents in form of Assessment Orders, computations, Profit and loss Accounts has substantiated that the amount of ₹ 7,50,730/- which the appellant hasnot shown in his computation of income actually belonged to Mr. Anil Kumar Gupta amounting to ₹ 3,90,730/-(copy of the computation furnished) and Gupta AcademipPvt. Ltd. of ₹ 3,60,000/- (copy of P L Account filed. It was explained by the appellant that Mr. Anil Kumar Gupta and Gupta Academic Pvt. Ltd were also independent assesses covered under search,but as panchnama was made in the name of assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is inserted to provide that AO may assess or reassess income in respect of any issue which comes to notice subsequently in course of proceeding u/s 147, though the reasons for such issue have not been included in the reasons recorded in the notice u/s 148(2). In support, he relied upon the following decisions: i) CIT Vs. MehakFinvest (P) Ltd. in ITA Nos. 505 454 (P H). ii) Majinder Singh Kang Vs. CIT in ITA No. 421 of 2010 (P H). iii) Sri N Govindaraju vs. ITO in ITA No. 504/2013 (Kar.) 10. We find that there are divergent decisions of different Courts on this issuewith the newly introduced Explanation-3 to Section 147 of the Act, with retrospective effect from 01.04.1989, where some courts held that the AO has to res ..... X X X X Extracts X X X X X X X X Extracts X X X X
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