TMI Blog2023 (1) TMI 833X X X X Extracts X X X X X X X X Extracts X X X X ..... eprived the assessee from this valuable legal right to raise objection against the reasons for reopening of assessment. The issue relates to the assessment year 2011-12 and it would be too late to restore the matter for supply of reasons to the assessee. Assessing Officer ought to have supplied the reasons. Reopening of assessment is not justified in the facts and circumstances of the present case. Since the action of AO is contrary to ratio laid down in the case of GKN Driveshafts (India) Ltd. [ 2002 (11) TMI 7 - SUPREME COURT ] wherein it was clarified that when a notice under section 148 of the Income Tax Act is issued, the proper course for the noticee is to file return and if so desires, to seek reason for issuing notices. AO ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... red it as new tangible material and issued the said notice. Ld CIT(A) erred in sustaining the same in its order dated 02-09-2022. 3. That Ld AO did not supply reasons recorded u/s 148(2) of the I.T. Act 1961 on 20.3.2018 as demanded by appellant, and subsequently requested through four speed post letters for the same. 4. That the reopening of the case for reassessment is without jurisdiction, the notice issued u/s 148 of IT Act 1961 on 14.3.2018 be declared invalid and subsequent proceeding be quashed. 2. Facts giving rise to the present appeal are that in this case the assessment was reopened u/s 147 of the Income-tax Act, 1961 (in short the Act ) and an assessment u/s 143(3) read with section 147 of the Act was framed vide ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pital gain. Therefore, it is not the case where the assessee had concealed and furnished inaccurate particulars of income. 6. I have heard rival contentions and perused the material available on record. As per the assessment order the case was reopened on the basis of the information relating to purchase of DDA flat at Dwarka in auction conducted by the learned Receiver appointed by the Hon ble High Court during the financial year 2010-11. Verification of source of acquisition was the basis for reopening of the assessee. The assessee had stated that the investment was made out of the sale-consideration of two properties which he had sold. 7. So far as question of reopening of assessment is concerned, it is the contention of the assess ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
