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TMI Blog2016 (9) TMI 1571X X X X Extracts X X X X X X X X Extracts X X X X ..... r by the AO, have been brought on record - HELD THAT:- It is not even in dispute that any fresh material or information came to the light suggesting that an income has escaped assessment. All the relevant material was before the AO at the stage of the original assessment itself. The only new input is an audit party objection which the AO himself has not accepted. Once the AO contests the audit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r 2012, in the matter of assessment under section 143(3) r.w.s. 147 of the Income Tax Act, 1961, on the following ground: On the facts and in the circumstances of the case and in law, the learned CIT(A) has erred in annulling the reassessment proceedings and deleting the addition of ₹ 37,72,288 made on account of excise duty exexpenses paid on capital goods purchased without appreciating ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... elf as all the relevant material was before the Assessing Officer at the time of original assessment and the reassessment was done on the basis of an audit objection which even the Assessing Officer has not accepted. The CIT(A) was of the considered view that the AO has no new material to form the opinion that the income has escaped assessment. No new facts, either by the audit party or by the AO, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... belief as he had at the time of original assessment proceedings, but reopens the assessment proceedings as a measure of abundant caution nevertheless, it cannot be said that the Assessing Officer had any reasons to believe that an income has escapade assessment- a belief which is a sine qua non for reopening the assessment. In view of these discussions, as also bearing in mind entirety of the cas ..... X X X X Extracts X X X X X X X X Extracts X X X X
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