9911796707
TMI Blog2018 (9) TMI 1308X X X X Extracts X X X X X X X X Extracts X X X X ..... d if the assessee filed its objections to the said reasons for the reopening, the AO has to dispose of the said objections before proceeding to complete the assessment. In the case before us, clearly such a procedure had not been followed by the AO and even before the CIT (A), the assessee's have not been given the copy of the reasons for reopening. Since the assessee’s are already in possession of the reasons for reopening, we are of the opinion that the assessee should be given an opportunity to raise their objections against such reopening, if they so desire - set aside the assessment order to the file of the AO with a direction to allow the assessee to file their objections to the reasons for reopening and upon such receipt, shall d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... riveshaft India Ltd vs. ITO (259 ITR 19) will vitiate the re-assessment proceedings and render the re-assessment order bad in law as decided by Courts in a number of decisions relied upon by the appellant. 4. That the learned CIT (A) erred in law in applying the provisions of section 292B and section 292BB to the appellant s case even though as per judgment of the Apex Court supplying of reasons for re-opening is mandatory. 5. That the learned CIT (A) erroneously upheld the reopening of assessment by the AO only on the ground that certain information has been received from investigation wing against persons other than the appellant without application of mind and without establishing a live link between the information received ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... made through recognized stock exchange, demat account and banking channels which are subject to regulations of Statutory Regulatory Authority like SEBI and all transactions leave audit trail for verification. 11. That the learned CIT (A) erred in not following the rule of statutory interpretation according to which where two views are possible, the view favoring the assessee should be accepted as held in case of CIT vs. Vegetable Products Ltd (88 ITR 192 S.C) and CIT vs. JK Hosiery Factory (159 ITR 85 S.C). 12. That the learned CIT (A) erred in relying on the decisions in case of Sumati Dayal vs. CIT (214 ITR 801) and Mc Dowell Company Ltd vs. CTO (1986 AIR 649), without appreciating the fact that the facts in appellant s case ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . The AO did not supply the reasons, but proceeded to complete the assessments by disallowing the claim of exemption and bringing to tax the LTCG. Aggrieved, the assessees preferred appeals before the CIT (A), by raising additional ground of appeal that the reasons recorded for reopening of their assessments were not supplied to them, inspite of specific requests made by them. The CIT (A), however, considered the provisions of section 292(B) of the Act and observing that since the assessees participated in the assessment proceedings and have never raised any objection during the assessment proceedings and have also given their submissions to the AO, the assessees aware of the reasons for the reopening and there was no violation of any of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the reasons for reopening, we are of the opinion that the assessee should be given an opportunity to raise their objections against such reopening, if they so desire. In view of the same, we deem it fit and proper to set aside the assessment order of all the assessees to the file of the AO with a direction to allow the assessees to file their objections to the reasons for reopening and upon such receipt, shall dispose of the objections by a speaking order and thereafter if it is considered necessary, to complete the assessment proceedings afresh, after giving the assessee a fair opportunity of hearing before taking a decision. The assessees shall be given an opportunity to present any documents which were relevant to the case and are not ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
