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TMI Blog2019 (3) TMI 1658X X X X Extracts X X X X X X X X Extracts X X X X ..... ing Officer is sustained, there would be no addition to the tax liability of the petitioner and the petitioner would still be governed by the provisions of section 115JB of the Act and assessed on the same book profit, it cannot be said that there was sufficient material before the Assessing Officer to form the belief that income chargeable to tax has escaped assessment. The impugned notice issued under section 148 of the Act, therefore, cannot be sustained - ITA No. 3301/Ahd/2016 - - - Dated:- 14-3-2019 - Pramod Kumar, VP And Ms. Madhumita Roy, JM For the Appellant : SN Soparkar For the Respondent : Mudit Nagpal ORDER Per Pramod Kumar, Vice President : 1. By way of this appeal, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h. have made investment by cheques and Hon. CIT has erred in law and on facts in confirming the additions. (4) The Learned Assessing Officer has erred in law and on facts in making additions on the plea that the source of source is not proved and Hon.CIT(A) has erred in confirming the same. (5) The learned Assessing Officer has erred in law and on facts in passing assessment order by making additions disregarding the fact that even after additions the tax payable on normal income is Nil, as the total income for charge of Income Tax is arrived at u/s 115JB and Hon CIT(A) has erred in confirming the same. 3. To adjudicate on this appeal, only a few material facts need to be taken note of. It is a case of reopene ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... court in a case where the assessee had declared a loss of ₹ 1.44 crores under the normal computation and the assessment was framed on book profit of ₹ 2.89, had held that even if the expenditure of ₹ 116.86 lakhs is disallowed, there would be no resultant change in the petitioner's tax liability since the petitioner had already paid much higher tax and had allowed the petition. It appears that the revenue has accepted the said decision and has not challenged the same before the higher forum. The learned counsel for the respondent has urged that the decision requires reconsideration. Having regard to the facts and circumstances of the case, as well as the fact that the revenue has accepted the said decision, the court ..... X X X X Extracts X X X X X X X X Extracts X X X X
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