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TMI Blog2009 (1) TMI 96X X X X Extracts X X X X X X X X Extracts X X X X ..... None for the Respondent. ORDER SMT. JUSTICE ABHILASHA KUMARI - Appellant-Revenue has proposed the following questions; (i) Whether, on the facts and in the circumstances of the case and in law, the Income Tax Appellate Tribunal is right in coming to the conclusion that the amount of Rs.30.50 lakhs withdrawn from the Investment Deposit Account of the IDBI Bank under Section 32AB of the Income Tax Act is required to be taxed in the hands of the partners and not partnership firm? (ii) Whether, on the facts and in the circumstances of the case and in law, the Income Tax Appellate Tribunal is right in coming to the conclusion that reopening of the assessment under Section 147 of the Income Tax Act is bad in law as the assessee has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ction 148 of the Act for assessment year 1993-94 on 27-03-1998, calling upon the assessee to furnish its return of income for the assessment year 1993-94. By communication dated 13-4-1998, the assessee requested the Assessing Officer to consider its earlier returns filed in response to notice dated 03-02-1995, as a return filed in response to notice dated 27-03-1998. The second re-assessment under Section 143(3) read with Section 147 of the Act was completed on income of Rs.30.50 lakhs, by taxing the amount of Rs.30.50 lakhs, which was deposited by the assessee, for claiming deduction under Section 32AB of the Act, in assessment year 1988-89 6. Against the second re-assessment, the assessee carried the matter in appeal before the CIT (A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee, which was a partnership firm and stood dissolved before the withdrawal of the amount in question. 9. The order of the Tribunal makes it amply clear that the records pertaining to the proceedings under Section 147 of the Act initiated on 27-03-1998 for taxing the amount of Rs.30.50 lakhs could not be produced by the Revenue before it, in spite of several opportunities being granted for the purpose. The reasons recorded for initiating the proceedings under Section 147 of the Act were never produced even though enough time was granted for doing so. The Assessing Officer had first initiated the proceedings under Section 147 of the Act on 03-02-95, for taxing the escaped income of Rs.30.50 lakhs. After application of mind to the m ..... X X X X Extracts X X X X X X X X Extracts X X X X
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