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TMI Blog2018 (12) TMI 1343X X X X Extracts X X X X X X X X Extracts X X X X ..... Assessing Officer and no reasonable belief can be formed without some material to support the same. The impugned order of the Tribunal has correctly held that the reopening of the assessment cannot be for the purpose of fishing inquiry. The reopening of the assessment has to be based on same material which is available with the Assessing Officer which would give rise to reason to believe that the income chargeable to tax has escaped assessment. The reasons as recorded in support of the impugned notice to doubt the genuineness of the gift is not based on any material. At the highest, it is only a suspicion subject to enquiry. In fact, this is a case of fishing enquiry. Thus, there is no material available with the Assessing Officer to hav ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee filed its return of income o 5th October, 2005 declaring income of ₹ 1.34 lakhs for Assessment Year 2004-05. The return of income was accepted and processed under Section 143(1) of the Act. 4. Thereafter, on 25.03.2008, a reopening notice under Section 148 of the Act was issued to the respondent seeking to reopen the assessment for A.Y. 2004-05. The reasons in support of the reopening notice as provided to the respondent reads as under : Return of income was filed on 05.10.2004 with a total income of ₹ 1,34,255/. Return was processed only under section 143(1). The balance sheet filed along with the return of income shows that a gift of ₹ 22,73,313/was received by the assessee from one Mr. Kunal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... argeable to tax has escaped assessment. In fact, the impugned order while allowing the respondent's appeal in particular records as under : Thus, we are of the opinion that the reasons recorded by the Assessing Officer for reopening the case is vague and farfetched and there is no rational and intelligible nexus between the reasons and the belief and therefore, the proceedings initiated for reopening the assessment u/s 147 vide notice dated 25.03.2008 u/s 148 is bad in law and without jurisdiction. 6. Mr. Pinto, learned Counsel appearing in support of the appeal contends that gift has been received as indicated in the reasons, from a person who is not related to the respondent assessee. It is submitted that only the creditw ..... X X X X Extracts X X X X X X X X Extracts X X X X
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