9911796707
TMI Blog2008 (9) TMI 111X X X X Extracts X X X X X X X X Extracts X X X X ..... espite service. JUDGMENT This appeal, has been filed, by the revenue, seeking to challenge the judgment of the Tribunal dated 03.1.2005, affirming the order of the Commissioner, Income Tax (Appeals) dated 19.5.2000, whereby he had set aside the re-assessment order, made by the Dy. Commissioner on 24.3.2000. The appeal was admitted on 09.3.2006 by framing following substantial question of law. "Whether in the facts and circumstances of the case, the Tribunal was right in holding that the proceedings under Sec. 147/148 of Income Tax Act, 1961 were not validly initiated against the assessee"? The necessary facts are, that for the relevant assessment year 1993-1994, the assessee filed return on 01.9.1993, which was processed unde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... artmental valuation Officer's report, which was contended to be not a permissible ground, for reopening of the assessment, and that contention was decided in favour of the assessee by the learned Commissioner (Appeals) and the learned Tribunal. Both the authorities below relied upon the judgments in CIT Vs. Pratap Singh Amro Singh (reported in 200 ITR 788) and CIT Vs. Hotel Joshi (reported in 242 ITR 478). Assailing the impugned order, it is contended, that both these judgments, in Pratap Singh's case and Hotel Joshi's case, relate to the assessment years, prior to 01.4.1989, while since 01.4.1989, material changes have been brought in the Income Tax Act, and the scope of Sec. 147 was substantially widened, more so, the procedu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... om the order of learned Commissioner Annexure/2, that it has been noticed, that the appellant started constructing hotel in April, 1990, and the same was completed in the accounting year, relevant to assessment year 1996-97. The assessee had furnished return for the assessment year 1992-93, and also 1993-94, as business of hotel was started even before the hotel building was completed in all respect. It has also been noticed, that in the assessment year 1991-92, the assessee had invested Rs. 2,20,600/-, and has shown, this investment, in the books of account, then sum of Rs. 2,89,947/-, was shown to have been invested, in the assessment year 1992-93, and further sum of Rs. 11,64,862/- was shown to have been invested in the assessment year ..... X X X X Extracts X X X X X X X X Extracts X X X X
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