9911796707
TMI Blog2022 (12) TMI 104X X X X Extracts X X X X X X X X Extracts X X X X ..... wer to reopen, provided there is tangible material to come to the conclusion that there is escapement of income from other assessment. Further, there must be reasons recorded showing live link with the formation of the belief that there is escapement of income from assessment. In the present case, find no such tangible material came to the knowledge of AO which resulted in a conclusion that there is a escapement of income from original assessment. Further no live link with the formation of such belief that there is a escapement of income from assessment except stating that an examination of ledgers of purchasers. AO has no jurisdiction to reopen the assessment in the absence of any tangible material showing the escapement of income. Thus ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing on wholesale and semi-wholesale basis in Kirana, Bhusar and Cattle feed items. The assessee filed return of income declaring a total income of Rs.21,540/-. The AO determined the total income of the assessee at Rs.8,07,300/- u/s. 143(3) of the Act vide its order dated 28-12-2011. Thereafter, the assessment was reopened u/s. 148 of the Act by recording reasons. The ld. AR placed on record a copy of order sheet where the AO recorded reasons for initiating proceedings u/s. 147 of the Act. I note that the AO was of the opinion that the assessee made payments in cash excess of Rs.20,000/- to a person in a day. The AO did not mention any tangible material came to its knowledge for initiation of reassessment proceedings u/s. 147 of the Act exce ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... O. Admittedly, there is no date reflected on the order sheet on which day the AO has recorded the reasons for initiating proceedings u/s. 147 of the Act. The ld. AR placed on record order of this Tribunal in the case of M/s. Allabaksha Mehboob Mulla Vs. ITO in ITA No. 1765/PUN/2019 for A.Y. 2009-10 vide order dated 25-08-2022 concerning the same issue. The ld. AR argued that the Tribunal held the reassessment framed u/s. 147 of the Act is invalid for the reason there was no indication on the failure of assessee disclosing all the relevant particulars fully and truly. In the present case also the AO did not mention any tangible material came to its knowledge for reopening and also the failure of the assessee in disclosing fully and truly all ..... X X X X Extracts X X X X X X X X Extracts X X X X
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