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TMI Blog2021 (4) TMI 987X X X X Extracts X X X X X X X X Extracts X X X X ..... ment and referred to page 48 to 56 of the paper book. Further, the AO on verifying the facts and the explanations filed has passed the assessment order u/sec143(3) of the Act. Therefore, the reopening of assessment on the same set of facts is only a mere change of opinion and relied on the judicial decisions. We prima facie considering the facts circumstances and the evidences filed are of the view that the notice issued by the A.O. falls beyond the period of time limit. Accordingly, we treat the notice issued as bad in law and quash the assessment u/s 143(3) r.w.s 147 of the Act and allow the ground of appeal of the assessee. - ITA No. 5503/Mum/2018 - - - Dated:- 17-3-2021 - Shri M. Balaganesh, Accountant Member And Shri Pavan Ku ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed in the present case. 2.3 Further while affirming the order of the AO, the Ld. CIT (A) erred in: (a) Refusing to consider the objections raised before him. as to the legality and validity of the order passed by the AO. on frivolous grounds: (b) Not appreciating the fact that. there was no income escaping assessment in the present case since (i) the rent income of ₹ 600,000/- now added was already offered to tax by the Appellant; and (ii) The Rebate u/s 88E does not fall in the purview of 'income' so as to escape assessment; and; (c) Upholding the re-assessment order despite accepting the fact, that the Notice u/s 148 as well as the proceedings u/s 147 were initiated merely oil basis of an audit objection ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) failed to appreciate that: (a) The eligible rebate u/s 88E was rightly claimed by the Appellant in its return of income: and: (b) The said claim similarly made in the earlier year has also been accepted by the Department. 5. The Appellant craves leave to add, amend, alter, delete or modify all or any the above grounds at the time of hearing. 3. The Brief facts of the case are that the assessee company is engaged in the business of share and stock broking services and filed the return of income on 07.11.2006, with the total income of ₹ 1,61,20,974/-.The return of income was processed u/s 143 (1) of the Act. Subsequently, the case was selected for scrutiny under the CASS and notice u/s 143 (2) and 142 (1) of the Act ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1,8089,390/- and passed the order u/s 143 (3) r.w.s. 147 of the dated 28.02.2014. 4. Aggrieved by the order, the assessee has filed the appeal with the CIT(A). Whereas, the Ld.CIT(A) considered the grounds of appeal, submissions of the assessee, findings of the AO and upheld the validity of re-assessment proceedings and addition of rental income. In respect of claim of rebate u/s 88E of the Act, the Ld.CIT (A) has considered the explanations and details at para 6.2.1 of the order and allocation of expenses and granted rebate eligible u/s 88E of the Act of ₹ 3,80,420/-as against of ₹ 2,37,265/- allowed by the AO and partly allowed the assessee s appeal. 5. Aggrieved by the CIT(A) order, the assessee company has filed an ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... itted that the original assessment was completed u/s 143 (3) of the Act were the assessee has produced and submitted all the material information and the A.O. has verified and fallowed scrutiny guidelines and order was passed on 26.08.2008.We considered it appropriate to refer to the provisions of Sec. 147 of the Act first proviso which is read as under: Provided that where an assessment under sub- section (3) of section 143 or this section has been made for the relevant assessment year, no action shall be taken under this section after the expiry of four years from the end of relevant assessment year, unless any income chargeable to tax has escaped assessment for such assessment year by reason of the failure on the part of the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X
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