9911796707
TMI Blog1993 (4) TMI 12X X X X Extracts X X X X X X X X Extracts X X X X ..... 61, as per recorded reasons under section 148(2) is valid in law ? " Briefly stated, the facts are that the original assessment in the case of the assessee was made more or less on the basis of the return filed. In the course of the assessment proceedings, the assessee filed a statement in regard to the transactions with New Age Corporation in which the credit balance was shown at Rs. 60,000 which was duly confirmed by the creditor. When the assessment for the assessment year 1984-85 was taken up, the Assessing Officer noticed that a sum of Rs. 60,000 which was shown as payable to New Age Corporation as on December 31, 1982, was not shown in the opening balance as on January 1, 1983. The Assessing Officer verified the books of account ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cash credit for the period relevant to the assessment year 1983-84. Aggrieved by the said order of assessment, the assessee took up the matter in appeal before the Commissioner (Appeals) and raised various points challenging the validity of reopening of assessment and also, the assessability for the year under consideration. The learned Commissioner (Appeals) accepted the contention and held that the reasons recorded by the Assessing Officer for reopening of the assessment were factually wrong and, hence, the reopening of the assessment was invalid. The learned Commissioner (Appeals) further held that the statement in the balance sheet as on December 31, 1982, that an amount of Rs. 60,000 was due to New Age Corporation was not based on t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... New Age Corporation as on January 1, 1983, which is the first day of the previous year relevant to the assessment year 1984-85. The Assessing Officer, therefore, examined the books of account of the assessee and found that there were no amounts payable to the alleged creditor even oh December 31, 1982, as the accounts stood closed as on November 25, 1982. He, accordingly, initiated proceedings under section 147(a). In our view on the facts found in the subsequent year of assessment, that there was no loan as shown due and payable the Income-tax Officer was justified in holding the belief that by reason of omission and failure on the part of the assessee to disclose fully all necessary facts for his assessment for the assessment year 1983- ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
