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2018 (2) TMI 763 - HC - Income TaxReopening of assessment - notice issued after four years - disallowance of claim of expenditure of 30% of the receipts - Held that:- As during the survey operations, the assessee was confronted with such entry in the diary and the assessee admitted that the said figure of ₹ 5,96,914/represented his unaccounted cash and professional receipts, which he had not offered to tax. While therefore filing a return in response to the notice under section 148 of the Act, the assessee included such income in the declared income. The Assessing Officer accepted such return and, as noted earlier, barring minor adjustment of claim of expenditure, confirmed the assessee's declaration of income. To reopen such assessment, the impugned notice came to be issued which clearly is beyond the period of four years from the end of relevant assessment year. The reasons proceed concededly only on the material available on record. Such relevant material included the notings in the assessee's diary which recorded a figure of ₹ 5,96,914/as outstanding fees to be collected and other entries referring to certain outstanding payments. Fact remains that whatever legal conclusions on the basis of the factual analysis the Assessing Officer desirous to arrive at, is based on the material already on record all throughout during previously reopened assessment proceedings. In absence of any new information or material which do not form part of the original assessment proceedings, it would not be open for the Assessing Officer to frame fresh assessment, that too, in a case where the notice of reopening has been issued beyond a period of four years - Decided in favour of assessee
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