9911796707
TMI Blog2025 (4) TMI 1461X X X X Extracts X X X X X X X X Extracts X X X X ..... (3) of the Act was passed on 07 March 2013, assessing income of Rs. 83,78,100/-. Thereafter the impugned notice under Section 148 dated 24 March 2015 was issued within period of 4 years from the end of the relevant assessment year to reopen the case. 4. The reason as recorded for reopening the case reads as under:- Please refer to our letter dated 24th March 2015 requesting this office to provide the reasons recorded for re-opening the assessment u/s.147 of the Income Tax Act, 1961 in your case for A.Y.2010-11. 2. As requested, the reasons recorded for issuing notice u/s.148 of the 1.T.Act, 1961 are reproduced below: "1. The assessee filed the return of income for A.Y. 2010-11 on 13.10.2010 declaring total income of Rs. 73,81,750/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y issue os notice u/s 148 of the Income Tax Act, 1961." (emphasis supplied) 5. In the reasons recorded, it is alleged that the Petitioner assessee has received cash to the tune of Rs. 1,85,66,920/- for assessment year 2010-11 based on the findings recorded in the assessment order for assessment year 2011-12. The assessment for assessment year 2011-12 was completed on 27 March 2014 and the said amount Rs. 1,85,66,920/- pertaining to assessment year 2010-11 was added in the assessment for assessment year 2011-12. In the reasons recorded, the officer has stated that the assessment for assessment year 2010-11 is being reopened on protective basis to safeguards the interest of revenue. 6. In this case, the assessment has been reopened within ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Petitioner has to be rejected. 8. In our view, we do not find any infirmity in the proposed reopening of the case, since the issue of the alleged cash received was not the subject matter of investigation during the course of the original assessment proceedings, and the reopening is made within a period of four years from the end of the relevant assessment year and that constitutes sufficient material based on the findings and reasons given in assessment year 2011-12 and further the proposed proceedings are taken only on protective basis. 9. The Hon'ble Supreme Court in the case of NDTV Ltd. V/s. DCIT (2020) 116 taxmann.com 151 has held that reassessment proceedings can be initiated based on findings in subsequent assessment years orde ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
