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TMI Blog2021 (4) TMI 149X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee. In the present case also we find that the Assessing Officer has not made addition on the alleged escapement of income recorded in the reasons. Therefore we allow ground of the appeal. - l.T.A. No. 683/Lkw/2019 - - - Dated:- 19-1-2021 - A. D. Jain (Vice-President) And T. S. Kapoor (Accountant Member) For the Assessee : Swarn Singh , Chartered Accountant For the Department : Ajay Kumar , Departmental representative ORDER T. S. KAPOOR (ACCOUNTANT MEMBER). - 1. This is an appeal filed by the assessee against the order of the learned Commissioner of Income-tax (Appeals)-I, Kanpur dated October 22, 2019 pertaining to the assessment year 2013-14. 2. In this appeal the assessee has taken various groun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g the case of the assessee under section 148 of the Income-tax Act. For the sake of completeness, the reasons recorded by the Assessing Officer is reproduced below : Recording of reasons for issue of notice under section 148 The Department is in possession of information to the effect that the assessee have entered in the financial transaction/activities in buying shares of ₹ 5,04,000 of the scrip names Tuni Textile and others which is a penny stock and alleged to have been used for providing bogus accommodation entries. Thus, I have reason to believe ₹ 5,04,000 has escaped assessment within the meaning of the provision of section 147 of the Income-tax Act, 1961. As the period involved is the assessment year 2013-1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on or when the said addition is deleted, then, no further addition can be made in the reassessment proceedings. In this regard the learned counsel for the assessee placed reliance on the decision of the hon'ble Bombay High Court in the case of CIT v. Jet Airways (I.) Ltd. [2011] 331 ITR 236 (Bom), wherein the hon'ble Bombay High Court held that if the Assessing Officer does not assess income for which reasons were recorded under section 147 of the Act, he cannot assess other income under section 147 of the Act. The hon'ble court observed that (i) Section 147 provides that the Assess ing Officer may assess the income which has escaped assessment 'and also any other income chargeable to tax which has escaped assessment and whi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o have jurisdiction to proceed with the reassessment ; (iv) Explanation 3 lifts the embargo inserted by judicial interpre tation on the making of a section 147 assessment in respect of items not referred to in the recorded reasons. However, it does not and cannot override the substantive part of section 147 that the income for which the notice was issued must be assessable. The learned Departmental representative relied on the order of the Commissioner of Income-tax (Appeals). 19. We have considered the submission of the learned counsel for the assessee in the light of the judgment of the hon'ble Bombay High Court in the case of Jet Airways (I.h) Ltd. (supra). We are of the view that on the facts and in the circumstances of the pr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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