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TMI Blog2021 (1) TMI 1018X X X X Extracts X X X X X X X X Extracts X X X X ..... PREME COURT ] (ii) ALA Firm Vs. CIT [ 1991 (2) TMI 1 - SUPREME COURT] (iii) Indian and Eastern Newspaper Society Vs. CIT [ 1979 (8) TMI 1 - SUPREME COURT] ITO Vs. Lakhmani Mewal Das[ 1976 (3) TMI 1 - SUPREME COURT] . On appraisal of the above said finding, it is apparent that the assessment could only be reopened on account of disclosure of new matter of knowledge of fresh facts which were not present at the time of original assessment. It may constitute reason to believe that the income of escaped assessment within the meaning of Section 147 We are of the view that the notice u/s. 147/148 of the Act is wrong against law and facts, hence, is hereby ordered to be set aside. Accordingly, we decide these issues in favour of the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d of 12 months is against facts and the law. 3. The appellant craves leave to alter, add or amend the aforesaid grounds of appeal. 4. The brief facts of the case are that the assessee filed her return of income on 12.10.2010 declaring total income to the tune of ₹ 27,53,670/- for the A.Y. 2010-11. The assessment was completed u/s. 143(3) of the I.T. Act, 1961 on 18.03.2013 determining total income to the tune of ₹ 1,85,35,760/-. The assessment was reopened u/s. 147 of the Act by issuance of notice u/s. 148 of the Act dated 30.03.2017 after the approval of the Pr. CIT(Central)-1, Mumbai. The reasons for reopening of assessment are reproduced as under. - On examination of records it was seen that the assessee has re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... u/s. 143(2) 142(1) of the Act were issued and served upon the assessee. It was asked as to why 10% of the Security Deposit i.e. amount of ₹ 1,25,00,000/- should not be added to the rent for determining the Annual Letting Value of the said property. The property was under the ownership of her husband in equal share. On seeing the security received by the assessee and market rent of the property of the assessee, the income from the house property was re-worked at ₹ 2,50,000/-. The difference of ₹ 1,55,000/- per month of the rent was assessed and added to the income of the assessee and the remaining income was added towards the husband of the assessee. The total income of the assessee was assessed in sum of ₹ 1,91,86 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - with cash summary and break up of expenses with documentary evidence. 6. The sources of society charges of ₹ 8,33,377/- as the capital account does not show any such entry. 7. The details of deposit and refund of ₹ 1,25,00,000/- from Tata AIG General Insurance Co. Ltd. The monthly rentals so received may be explained with the market rate prevalent during the relevant period. 8. Wealth return for the A.Y. 2009-10 2010-11 with valuation reports of all the properties and jewelries as or valuation date of 31.03.2009 and 31.03.2010 Please note that failure to comply with the requirement of this notice by the appointed date may lead to initiation of penalty proceedings u/s. 271(1)(b) of the Act. 8. On appr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e facts, I have reason to believe that income chargeable to tax to the extent of ₹ 6,25,0001-for determining fair rental value on the property has escaped assessment for AY 2010-11 by reason of the failure on the part of the assessee to disclosed fully and truly all material facts necessary for assessment. Since more than 4 years have elapsed from the end of the relevant assessment year the case is covered u/s. 149 r.w.s. 151 of the I.T. Act. 9. It is quite clear that the issue which has been raised u/s. 147 of the Act has already been examined by AO while completing the assessment u/s. 143(3) of the Act. It is now not open to the revenue to reopen the case on the same issue which has been examined earlier while completing the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t the time of original assessment. It may constitute reason to believe that the income of escaped assessment within the meaning of Section 147 of the Act. Taking into account all the facts and circumstances mentioned above, we are of the view that the notice u/s. 147/148 of the Act is wrong against law and facts, hence, is hereby ordered to be set aside. Accordingly, we decide these issues in favour of the assessee against the revenue. Since the reopening of the assessment has been held invalid, therefore, deciding the issues on merits would only be academic in nature. ITA. NO. 4916/M/2018 10. Since the appeal of the assessee bearing ITA. No. 4915/M/2018 for the A.Y. 2010-11 is having similar controversy, therefore, the finding ab ..... X X X X Extracts X X X X X X X X Extracts X X X X
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