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TMI Blog2021 (9) TMI 1359X X X X Extracts X X X X X X X X Extracts X X X X ..... and debt relief scheme. According to the A.O, there is an escapement of income. Accordingly, the A.O has issued a notice u/s. 148 of the Act and completed assessment u/s. 143(3) r/w. s. 147 of the Act on 29.12.2017. We are of the opinion that the A.O has correctly recorded the reasons and reopened the assessment and completed the assessment u/s. 147 of the Act thus, the reopening is valid. Whether the amount received under Agricultural Debt Relief and Debt Waiver Scheme is taxable or not? - As decided in own case [ 2019 (8) TMI 723 - ITAT CHENNAI] under the scheme of Income-Tax Act, the CIT(A) has no power to set aside the assessment for reconsideration. However this Tribunal is of the considered opinion, it has to be verified whet ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s that the reopening of the assessment in this case is invalid for the reason that the A.O has not recorded reasons properly and he has not mentioned that there is no escapement of income therefore, the reopening is invalid. 4. The ld. D.R has submitted that the similar issue of reopening already came up before the Hon ble ITAT C Bench, Chennai for assessment year 2008-09 in ITA No.1879/Chny/2017 dated 06.06.2019 and the Tribunal has upheld the reopening. The Ld. D.R has also submitted that the A.O clearly mentioned that there is an escapement of income and therefore, he strongly supported the orders passed by the A.O and Ld. CIT(A). 5. We have heard both the sides, perused the materials available on record and gone through the orde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... raised by the assessee is concerned, whether the amount received under Agricultural Debt Relief and Debt Waiver Scheme is taxable or not? 9. The ld. Counsel or the assessee has submitted that the similar issue already came up before the Hon ble ITAT C Bench, Chennai for assessment years 2008-09, 2009-10 2012-13 in ITA Nos. 1879, 1880 1881/Chny/2017 vide order dated 06.06.2019 directed the A.O to reexamine the issue afresh in accordance with law. For the sake of convenience, the relevant portion of the order is extracted as under: 5.5.3 We have considered the rival submissions on either side and perused the material available on record. The assessee admittedly received ₹ 234.53 crores towards first installment on account ..... X X X X Extracts X X X X X X X X Extracts X X X X
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