9911796707
TMI Blog2024 (6) TMI 1143X X X X Extracts X X X X X X X X Extracts X X X X ..... tries Ltd., in its original return, it had earned short term capital gain of Rs. 57,46,787/- and duly offered tax u/s 112 of the Act. Further this return has already been scrutinised by the ld. Assessing Officer and all the details were available before him during the course of scrutiny proceedings. Now, examining these facts we find that firstly AO failed to record proper reasons to reopen the case as ld. Assessing Officer has not made any application of mind before issuing the notice and he ought to have examined the original return filed by the assessee before issuing the notice for reopening. No such exercise has been done at the end of the AO. The reasons to believe are not proper and it merely is a case of reason to support or merely ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3. For that the Ld. CIT (A) erred in not providing sufficient and reasonable opportunity to the appellant and thereby passing an exparte order. 4. For that the Ld. CIT (A) erred in not properly serving the Notice fixing the date of hearing on the appellant as is provided u/s 282 of the Act. 5. For that the Ld. CIT (A) erred in confirming the reopening proceeding u/s 147 r.w.s. 148 of the Act without properly appreciating the facts of the case. 6. For that the Ld. CIT (A) ought to have held that the proceeding initiated u/s 147 of the Act after the expiry of four years from the end of relevant assessment year and the appellant having disclosed fully and truly all material facts necessary for assessment the reopening u/s 147 r.w. first provis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce that the assessee is an individual earning income from salary and capital gain. Income of Rs. 1,03,32,160/- declared in the original return for Assessment Year 2012-13 furnished on 09/10/2012. The income declared in the original return includes short term capital gain from sale of shares at Rs. 57,46,787/- and exempt income u/s 10(38) of the Act at Rs. 41,98,896/-. The return was processed u/s 143(3) of the Act and subsequently, scrutiny proceedings were carried out and assessment order u/s 143(3) of the Act was passed on 28/11/2018. So, admittedly, the original return filed on 09/10/2012 was selected for scrutiny and the income declared therein has been scrutinised by the ld. Assessing Officer in the assessment proceedings carried out u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or 148 of the Act or to disclose truly and fully all material facts necessary for that Assessment Year. 5. Now, in the instant case assessment proceedings have been carried out u/s 143(3) of the Act and reopening proceedings have been initiated after the end of four years. Now, whether such re-assessment proceedings is valid, firstly it is to be examined whether the ld. Assessing Officer had a reasons to believe and not merely reason to suspect that any income chargeable to tax has escaped from levy of tax for the reasons of failure on the part of the assessee. The only source of information with ld. AO for alleged reopening is that the assessee has claimed long term capital gain from sale of a scrip, namely, VMS Industries Ltd. at Rs. 90,9 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ns of purchase and sale of equity shares of VMS Industries Ltd., in its original return, it had earned short term capital gain of Rs. 57,46,787/- and duly offered tax u/s 112 of the Act. Further this return has already been scrutinised by the ld. Assessing Officer and all the details were available before him during the course of scrutiny proceedings. 6. Now, examining these facts we find that firstly ld. Assessing Officer failed to record proper reasons to reopen the case as ld. Assessing Officer has not made any application of mind before issuing the notice and he ought to have examined the original return filed by the assessee before issuing the notice for reopening. No such exercise has been done at the end of the ld. Assessing Officer. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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