9911796707
TMI Blog2008 (12) TMI 40X X X X Extracts X X X X X X X X Extracts X X X X ..... with Mr Prakash Kumar For the Respondent : Mr Sanjeev Sabharwal CORAM:- HON'BLE MR JUSTICE BADAR DURREZ AHMED HON'BLE MR JUSTICE RAJIV SHAKDHER BADAR DURREZ AHMED, J (ORAL) 1. The petitioner is aggrieved by the initiation of re-assessment proceedings under Section 147 of the Income-tax Act, 1961. The petitioner had filed the return of income on 30.12.1999 declaring a total loss of Rs 5,55,80,254/- which was processed under Section 143 (1) on 29.09.2000. Subsequently, by a notice dated 01.03.2006 issued under Section 148 of the said Act, the assessment in respect of the assessment year 1999-2000 was proposed to be re-opened. The reasons recorded for the re-opening of the assessment were recorded on 21.02.2006 and were su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent of assessment pertaining to the assessment year 1999-2000. Apparently, the reasons for re-opening the assessment were that in respect of the assessment years 1998-99 and 2001-02, additions had been made by the Assessing Officer in the course of the assessments on account of the allegations of suppression of sales. The allegation was that the sale price of the petitioner's products were not driven by market forces. Consequently, in respect of those years, i.e., assessment years 1998-99 and 2001-02, the sales figures were recomputed by taking net profit of 8% and additions were made on that account at the time of issuance of the notice under Section 148 as well as the recording of the reasons. The additions made by the Assessing Officer h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eassessment proceedings and has no bearing on the reasons to believe recorded on 21-2-2006 for initiating the re-assessment proceedings. 4. You are once again requested to kindly furnish the details already asked for to enable the undersigned to complete the assessment proceedings. 5. Hoping for full cooperation. 6. Your case stands fixed for hearing on 28-11-2006 at 11.30 a.m." 3. We have heard the counsel for the parties. It is apparent that the reasons recorded do not contain any specific allegation with regard to the year in question, i.e., the assessment year 1999-2000. The sole and entire basis of re-opening the assessment is the additions made in respect of the assessment years 1998-99 and 2001-02. There is no other reason gi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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