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TMI Blog2023 (10) TMI 1391X X X X Extracts X X X X X X X X Extracts X X X X ..... ramed u/s 147 read with Section 143(3) of the Act dated 29.12.2018. 2. Registry has informed that the appeal is time barred by 9 days. Condonation application has been filed by the assessee. After perusing the same, we find force in the reasons mentioned therein and are satisfied that the assessee was prevented for reasonable cause in filing the instant appeal within statutory time limit. We, therefore, condone the delay and admit the appeal for adjudication. 3. The assessee is in appeal before this Tribunal raising the following grounds: "1. That under the facts and circumstances of the case, the assessment made under section 147 of the Income Tax Act, 1961 is bad in law and need to be quashed. 2. That under the facts and circumstanc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eceived during the year. 5. Aggrieved, the assessee preferred appeal before ld. CIT(A) but failed to succeed. 6. Aggrieved, the assessee is now in appeal before this Tribunal. Ld. Counsel for the assessee has stated that the re-assessment proceedings u/s 147 of the Act are bad in law and needs to be quashed as addition has not been made on the issue for which case was re-opened and therefore, if the AO does not assess the income for which the reasons were recorded u/s 147 of the Act then he cannot assess other income u/s 147 of the Act. Reliance placed on the judgment of Hon'ble Bombay High Court in the case of CIT vs. Jet Airways (I) Ltd. reported in IT Appeal Nos. (L) 1526 of 2008 and 1714 of 2009 dated 12.04.2010. 7. On the other ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ate of 1% of the total amount of share capital and share premium received during the year. The facts narrated above clearly indicates that ld. AO has not made any addition on the basis of the reasons for which the re-assessment proceedings were carried out and even though in the regular assessment proceedings complete details of the amount received towards share capital and share premium received were examined by way of issuing notice u/s 133(6) of the Act and no addition has been made by the AO, examining very same details in the re-assessment proceedings and making addition towards commission income clearly tantamount to change of opinion. In the case of Jet Airways (I) Ltd. (supra) the Hon'ble Court has laid down the ratio as under: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ly formed a reason to believe had escaped assessment, has as a matter of fact not escaped assessment, it is not open to him independently to assess some other income. If he intends to do so, a fresh notice under section 148 would be necessary, the legality of which would be tested in the event of a challenge by the assessee. 17. We have approached the issue of interpretation that has arisen for decision in these appeals, both as a matter of first principle, based on the language used in section 147(1) and on the basis of the precedent on the subject. We agree with the submission which has been urged on behalf of the assessee that section 147(1) as it stands postulates that upon the formation of a reason to believe that income chargeable t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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