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TMI Blog2024 (5) TMI 642X X X X Extracts X X X X X X X X Extracts X X X X ..... 66 - BOMBAY HIGH COURT] held the assessing officer has to specifically point out the failure on the part of the assessee in disclosing all the material facts and in absence therefore , reassessment proceedings is invalid in law. In instant case also in absence of any such satisfaction in the reasons recorded, the assessment proceedings are void ab-initio, therefore, same are quashed. The appeal of the assessee is accordingly allowed. X X X X Extracts X X X X X X X X Extracts X X X X ..... income escaped is more than Rupees one lakh as required u/s. 149(1)(b) as per the reasons recorded for reopening the assessment. 2.1 We have heard rival submission of the parties on the issue of admissibility of the additional ground. As the additional ground raised being purely legal in nature and no investigation of fresh facts was required , therefore, same are admitted for adjudication, in view of the decision of the Hon'ble Supreme Court in the case of NTPC Ltd. 229 ITR 283 (SC). 3. We have heard submission of the parties on the issue of additional ground. Before us, the Ld. counsel for the assessee referred to the reasons recorded by the Assessing Officer and provided to the assessee. On specific request of the assessee, a copy of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Ld. DR, available on page 5 of her submission, are reproduced as under: "MAYA MILIND SIRSATH is an Individual assessee and as per ITD system verification the assessee has filed return of income for A.Y2012-13 on 02/07/2012 declaring total income of Rs. 2,85,534/-The return was processed u/s 143(1) of the I.T Act on 09/05/2013. 2. An information in respect of penny stock companies was forwarded by DDIT(Inv), Unit 4(2), Mumbai vide letter No. DDIT(Inv.)4(2)/Information/Nimbus/2018-19 dated 15.03.2019. Enquiries have been conducted in the penny scrip namely M/s. Nimbus Industries Limited (Script Code- 530971) vis-à-vis providing Bogus Accommodation Entry Of Long Term Capital Gains /Short Term Capital Loss /Business Loss and benef ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssment within the meaning of section 147 of the I T Act for A.Y. 2012-13. I therefore propose to assess the income of the assessee for A.Y. 2012-13. 6. In this case a return of income was filed for the year under consideration but no scrutiny assessment u/s 143(3) of the I.T. Act was made. Accordingly, in this case the only requirement to initiate proceedings u/s 147 is reason to believe which has been recorded above. It is pertinent to mention here that in this case the assessee has filed return of income for the year under consideration but no assessment as stipulated u/s 2(40) of the Act was made and the return of income was only processed u/s 143(1) of the Act. In view of the above, provisions of clause (b) of explanation 2 to section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s under clause (b) or clause (c) ; (b) if four years, but not more than six years, have elapsed from the end of the relevant assessment year unless the income chargeable to tax which has escaped assessment amounts to or is likely to amount to one lakh rupees or more for that year. (c) if four years, but not more than sixteen years, have elapsed from the end of the relevant assessment year unless the income in relation to any asset (including financial interest in any entity) located outside India, chargeable to tax, has escaped assessment.? Explanation.-In determining income chargeable to tax which has escaped assessment for the purposes of this sub-section, the provisions of Explanation 2 of section 147 shall apply as they apply for ..... X X X X Extracts X X X X X X X X Extracts X X X X
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