9911796707
TMI Blog2021 (3) TMI 902X X X X Extracts X X X X X X X X Extracts X X X X ..... the objections are lodged, it is obligatory for the AO to take such objections into consideration and pass a speaking order. When we say speaking order, it means a meaningful order dealing with the objections raised by the assessee. The exercise which the Assessing Officer is supposed to undertake while dealing with the objections raised by the assessee is not an empty formality. The order disposing of the objections should reflect application of mind. In the case on hand, none of the objections raised by the assessee could be said to have been dully considered by the Assessing Officer in a meaningful manner. We are of the view that we should quash and set aside the order disposing of the objections and remit the matter to the Assessi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hearing and final disposal of this application, be pleased to stay further proceedings in pursuance of section 148 notice at Annexure-G. (D) be pleased to grant any further or other relief as this Hon'ble Court deems just and proper in the interest of justice, and (E) be pleased to allow this application with cost against the respondent. 2. This is a case of reopening for the Assessment Year 201213 beyond the period of 04 years and that too, in a case of scrutiny assessment under Section143(3) of the Income Tax Act, 1961 [for short 'The Act']. 3. The reasons assigned for reopening of the assessment under Section147 of the Act read as under: - In this case, return of income was filed by the assessee on 26. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tten off if it was earlier offered for taxation as revenue income. It is pertinent to mention here that the amount of Dakshin Gujarat Vij Company Ltd. of ₹ 23,15,699/- was not even shown as deposits in the balance sheet of the F.Y. 2010-11. Thus, it is clear that the same was not offered for taxation in earlier years as revenue receipts. Therefore, the set off of expenditure which were capital in nature and did not offer earlier as revenue receipts are not allowable to be set off from creditor liabilities. This has resulted into underassessment in the case of the assessee to the tune of ₹ 43,04,523/- for A.Y.2012-13. In view of the above facts the capital expenditure which has been set off against revenue receipts, are not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in law. However, we have noticed something which in our opinion should not be overlooked. It is a settled position of law that if the Assessing Officer intends to reopen the assessment, he is obliged to assign reasons for the same. Once such reasons are assigned, the assessee has a right to lodge his objections to the same. Once the objections are lodged, it is obligatory for the Assessing Officer to take such objections into consideration and pass a speaking order. When we say speaking order, it means a meaningful order dealing with the objections raised by the assessee. The exercise which the Assessing Officer is supposed to undertake while dealing with the objections raised by the assessee is not an empty formality. The order disposing o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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