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2010 (2) TMI 776 - AT - Income TaxQuashing the reassessment u/s 147 on the ground of no satisfaction by JCIT as it is the case of an Assessing Officer below the rank of JCIT or DCIT as per the provisions of Section 151. - Held that:- in the explanatory memorandum in the Finance Bill, 2009 relating to clarificatory amendment in respect of reassessment proceedings u/s 147, it was provided that AO may assess or reassess income in respect of any issue which comes to his notice subsequently in the course of proceedings under this action, notwithstanding that the reasons for such issue has not been included in the reasons recorded under sub-section (2) of Section 147. As this amendment is retrospective from 1.4.1989, it will apply in relation to assessment years 1989-90 and subsequent years. - Restored the entire appeal to AO for deciding afresh all the points of addition after giving due opportunity to the assessee and the assessee is also directed to produce complete set of audited books of accounts as found during the course of survey. Appeal of the Revenue is allowed for statistical purposes
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