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TMI Blog2019 (1) TMI 1020X X X X Extracts X X X X X X X X Extracts X X X X ..... recorded for issuing the impugned notice. AO now believes that not mere 2.25% of the total bogus purchase of ₹ 1.31 crores (rounded of) is to be added but the entire amount should have been added as the undisclosed income of the assessee. With respect to the validity of such a contention of the AO, we have no comment to offer. What cannot be denied is that the AO merely wishes to change the nature of the assessment previously made. As during the previous reassessment proceedings, AO examined the alleged bogus sales of the assessee, taxed 2.25% thereof as assessee's additional income and passed the order of assessment accordingly. The Assessing Officer now believes that taxing 2.25% of the sales, was an error and instead the entire ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er Section 143(3) r/w Section 147 of the Act on 28th March, 2016 making certain additions to the assessee's declared income. 3. To reopen such assessment, the Assessing Officer issued the impugned notice. In order to do so, he had recorded following reasons: The reason for issue of notice u/s 148 in your case for AY 201112 is as under : In this return of income was filed on 16.09.2011 declaring income of ₹ 8,05,347/. Subsequently, order u/s 143(3) rws 147 was passed on 23.03.2016 assessing the income of the assessee at ₹ 13,84,720/. On going through the assessment order it is seen that the addition of ₹ 2,96,284/was made @ 2.25% of the total bogus purchase of ₹ 1,31,68,191/. It is obs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... me which will be detected during the course of assessment proceedings. Therefore, this case is fit for issue of notice u/s 148 of the I.T. Act, 1961. 4. Upon being supplied the reasons, the assessee raised objections to the notice of reopening under letter dated 28th November, 2018. Such objections were rejected by the Assessing Officer by order dated 30th November, 2018. Hence, this petition. 5. Having heard learned Counsel for the parties for final disposal of the petition, we notice that the impugned notice has been issued beyond the period of 4 years from the end of the relevant assessment year. The requirement that the income chargeable to tax has escaped assessment due to failure on the part of the assessee to disclose truly an ..... X X X X Extracts X X X X X X X X Extracts X X X X
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