TMI Blog2012 (7) TMI 374X X X X Extracts X X X X X X X X Extracts X X X X ..... the the claim of 30% adhoc expenses was withdrawn when the respondent assessee was asked to substantiate the claim - no basis for the Assessing Officers to form a belief that income has escaped assessment - against revenue. - Income Tax Appeal No. 4646 OF 2010 - - - Dated:- 5-7-2012 - S J Vazifdar And M S Sanklecha JJ. For Appellant: Mr Suresh Kumar For Respondent: Mr S.E. Dastur , Sr. Advocate along with Mr. Atul Jasani JUDGEMENT Per: M S Sanklecha J.: This appeal by the Revenue under Section 260A of the Income Tax Act, 1961 (hereinafter referred to as the said Act ) challenges the order 19th March 2010 passed by the Income Tax Appellate Tribunal (hereinafter referred to as the Tribunal) in respect of the Assessmen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 002-03 determining the respondent's income at Rs.56.41 crores . 4) On 5th April, 2006, a notice under Section 148 of the said Act was issued to the respondent assessee seeking to reopen the assessment proceedings for the Assessment Year 2002-03. The reasons recorded for reopening the assessment were as under: 3. On perusal of the records, it is seen that the assessee filed the revised return claiming estimated expenses @ 30% on the professional receipts, based on adhoc estimated expenses claimed by the Insurance Agents because they cannot prove certain expenses being incurred to persuade the Insurers. However, when the Assessing Officers asked to substantiate these expenses, the claim was withdrawn by the assessee without furnishing t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... had been issued. 6) The respondent assessee carried the matter in appeal to the Commissioner of Income Tax (Appeals), challenging the initiation of proceeding under Section 147 of the said Act and consequent completion of reassessment by order dated 31st December 2007. By an order dated 4th March, 2009 the Commissioner of Income Tax (Appeal) set aside the reassessment order dated 31st December 2007 by holding that the Assessing officer has wrongly assumed jurisdiction under Section 147 of the said Act. The material on the basis of which the assessment was sought to be reopened was always available during the time of the original proceeding leading to the assessment order dated 29th March ,2005 . Being aggrieved, the appellant revenue file ..... X X X X Extracts X X X X X X X X Extracts X X X X
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