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2021 (9) TMI 1359 - AT - Income TaxReopening of assessment u/s 147 - As argued AO has not recorded reasons properly and he has not mentioned that there is no escapement of income therefore, the reopening is invalid - HELD THAT:- From reasons that the finding given by the A.O is that the assessee has already claimed as a provision for debt and same is allowed. Subsequently, the assessee has received an amount of ₹ 209.61 crores under Agricultural Debt Waiver and Debt Relief Scheme, 2008. It is very clear that the amount, which is already claimed as a bad debt by the assessee and again assessee has received the same amount under debt waiver and debt relief scheme. According to the A.O, there is an escapement of income. Accordingly, the A.O has issued a notice u/s. 148 of the Act and completed assessment u/s. 143(3) r/w. s. 147 of the Act on 29.12.2017. We are of the opinion that the A.O has correctly recorded the reasons and reopened the assessment and completed the assessment u/s. 147 of the Act thus, the reopening is valid. Whether the amount received under Agricultural Debt Relief and Debt Waiver Scheme is taxable or not? - As decided in own case [2019 (8) TMI 723 - ITAT CHENNAI] under the scheme of Income-Tax Act, the CIT(A) has no power to set aside the assessment for reconsideration. However this Tribunal is of the considered opinion, it has to be verified whether the interest income was offered for taxation earlier. Accordingly in exercise of jurisdiction conferred on this Tribunal, the orders of both the authorities below are set aside and the issue is remitted back to the file of the Assessing Officer. The Assessing Officer shall re-examine the matter afresh in accordance with law after giving reasonable opportunity to the assessee.
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