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TMI Blog2025 (1) TMI 568X X X X Extracts X X X X X X X X Extracts X X X X ..... ent, as it evident from the reasons recorded reproduced as above. As in the case of Duli Chand Singania vs. APT [ 2003 (12) TMI 23 - PUNJAB AND HARYANA HIGH COURT] wherein, it has been held that the reassessment cannot be sustained as original assessment was done u/s. 143(3) and four years thereafter reopening was done which is barred by limitation in view of the first proviso to section 147. Reopening is bad in law and barred by limitation in view of the first proviso to section 147 of the Act and therefore, the reassessment order deserves to be quashed. Decided in favour of assessee. - Shri Shamim Yahya, Accountant Member, And Shri Sudhir Pareek, Judicial Member For the Appellant : Sh. Somil Agarwal, Adv. For the Respondent : Sh. Sahil ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ddition of Rs. 47,16,500/- as unexplained credits u/s 68 of Income Tax Act, and that too without proper appreciation of facts on record, and by recording incorrect facts and findings, and making allegations without any basis, material or evidence and merely on the basis of surmises and conjectures and without observing the principal of natural justice. 4) That in any case and in any view of the matter, action of Ld. CIT(A) in confirming the addition of Rs. 47,16,500/- is bad in law and against the facts and circumstances of the case. 5) That having regard to the facts and circumstances of the case, Ld. CIT(A) has erred in law and on facts in confirming the action of the Ld. A.O. in charging interest u/s 234D and withdrawing interest u/s 244 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... escapement of income is due to the failure of the assessed to disclose fully and truly all material facts necessary for assessment as is evident from reasons recorded reproduced on page 2 of the assessment order. Therefore, on the anvil of the Jurisdictional High Court decision in the case of Duli Chand Singhania vs. APT, 269 ITR 0192 (P H) the re-assessment cannot be sustained as original assessment was done u/s 143(3) and four years thereafter reopening was done which is barred by limitation in view of the first proviso to section 147 and reliance is also placed on the following judicial decisions: Haryana Acrylic Manufacturing Co. VS. CIT Anr. 308 ITR 38 (Del). Wei Intertrade Pvt. Ltd. vs. ITO, 308 ITR 22 (Del). JSRS Udyog Limited Anr. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eceived in the office of the investigation wing Unit 5(3), New Delhi, the perusal of which revealed that M/s SRS Buildcon Pvt. Ltd., has received credits into its bank account by accommodation entry through Trust Worthy Sales Agencies Pvt. Ltd. in the F.Y. 2009-10. The unaccounted funds received in the account of M/s SRS Buildcon Pvt. Ltd., are detailed as under:- S.No. Name of concern Financial Year Amount 1. M/s SRS Buildcon Pvt. Ltd. 2009-10 Rs. 42,00,000/- In view of the above facts, I have reason to believe and I am satisfied that income chargeable to tax has been under assessed to the extent of Rs. 42,00,000/- for the assessment year 2010-11 as per information obtained from the assessee as per return of income for the year under refer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... amed in this u/s. 153A(1)(b) r.w.s. 143(3) vide order dated 27.3.2015 and the impugned notice u/s. 148 of the Act dated 30.3.2017 for AY 2010-11 has been issued after the expiry of the four years from the end of the relevant assessment year and there is no allegation by the AO in the reasons recorded that escapement of income is due to the failure of the assessee to disclose fully and truly all material facts necessary for assessment, as it evident from the reasons recorded reproduced as above. To support our aforesaid view, we draw support from the decision of the Hon ble High of Punjab and Haryana Court in the case of Duli Chand Singania vs. APT, 269 ITR 0192 (P H) wherein, it has been held that the reassessment cannot be sustained as ori ..... X X X X Extracts X X X X X X X X Extracts X X X X
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