9911796707
TMI Blog2019 (3) TMI 651X X X X Extracts X X X X X X X X Extracts X X X X ..... had expired, cannot be approved. The Assessing Officer has filed an affidavit apologizing for such lapse of which we take note. The order of assessment, therefore, shall have to be set aside. While doing so, in view of the peculiar facts of the case, we permit the petitioner to file further objections to the notice of reopening of assessment. This recourse we adopt for the reason that the assessee had raised the ground of the reasons proceeding on incorrect factual premise, but the pointed objection as is elaborated before us now was not taken. X X X X Extracts X X X X X X X X Extracts X X X X ..... received a sum of ₹ 3.04 crores on different dates from the said account number 1670301130608 of ICICI Bank which was towards bogus accommodation entries. It is the case of the petitioner that no such amount was received from such bank account and in fact, the petitioner had invested such sum of ₹ 3.04 crore with one M/s. Kirlampudi Commerce Pvt Ltd who is the holder of the account in question. 3. The petitioner had raised objections to the notice of reopening of assessment under a communication dated 12.10.2018. Such objections were rejected by the Assessing Officer on 5.11.2018. As per the decision of this Court in the case Asian Paints Ltd Vs. Dy. CIT & Anr. (2008) 296 ITR 90 (Bom), the Assessing Officer had to wait for a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee is correct in contending that the reasons proceeded on entirely erroneous footing and that even going by record, in case of the petitioner, it cannot be stated that the income chargeable to tax had escaped assessment, surely reassessment proceedings would be a futile exercise. 6. Under these circumstances, we dispose of the petition with following directions:- i. Impugned order of the assessment dated 3.12.2018 is quashed. The proceedings are revived from the stage of issuance of notice of reassessment. ii. The petitioner shall raise sufficient objections to the reassessment proceedings latest by 25.3.2019. iii. The Assessing Officer shall dispose of such objections latest by 30.4.2019. iv. By and under this order, notic ..... X X X X Extracts X X X X X X X X Extracts X X X X
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