Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (5) TMI 36 - AT - Income TaxValidity of reopening of assessment u/s 147 of the Act – Bar of limitation - Proceedings initiated after four years – Held that:- The AO has completed the assessment u/s 143(3) r.w.s.147 of the Act on 26.8.2011 - CIT(A) annulled the assessment after observing that the reasons enumerated by AO for his action of reopening of assessment are not tenable and justified – Relying upon M/s ICICI Home Finance Co.Ltd V/s ACIT [2012 (8) TMI 312 - BOMBAY HIGH COURT]. The same issue has been considered by AO as well as by CIT(A) and the Tribunal when the assessment was made u/s 143(3) of the Act – the contention of the assessee that the AO has initiated re-assessment proceedings on the basis of the same facts which has been considered in the original assessment proceedings is accepted - there is no new facts which has come to the knowledge of AO for initiation of re-assessment proceedings – also, re-assessment proceedings has been initiated after expiry of more than four years, as is evident from the notice issued u/s 148 dated 28.3.2011, which is after expiry of four years from the end of the relevant assessment year – thus, the order of the CIT(A) is upheld that the action of AO was not justified – Decided against Revenue.
|