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2022 (8) TMI 266 - Income Tax
Reopening of assessment u/s 147 - Whether the Tribunal was justified in law in holding that reopening of assessment under section 148 of the Act is valid and complies with all the mandatory conditions for reopening on the facts and circumstance of the case? - HELD THAT:- As in the facts of the case, there was no regular assessment conducted under the provisions of Sub-section (3) of Section 143 of the Act, 1961 after scrutiny but the returned income was accepted under the provision of Section 143(1) -The assessee neither raised any objection to the notice issued under Section 148 at the relevant point of time nor raised such issue or objection even during the course of assessment and participated in the assessment proceedings by filing reply. Even before the CIT (Appeals), no ground is raised with regard to the reopening of the assessment. The assessee for the first time challenged the reopening before the Tribunal by raising the ground which the Tribunal decided after considering the material on record.
As in the decision in case of G & G Pharma India Ltd [2015 (10) TMI 754 - DELHI HIGH COURT] there was a scrutiny assessment under Section 143(3) of the Act, 1961 and after relying upon the decision in case of ACIT Versus Dhariya Construction Company [2010 (2) TMI 612 - SC ORDER]t held that the the issue of accommodation entry was processed under Section 143(3) of the Act, 1961 and without forming a prima-facie opinion on the basis of the material and without application of mind to the information, if any collected, it was not possible for the Assessing Officer to have concluded that the assessing company introduced its own unaccounted money in its Bank by way of accommodation entries.
Whereas, in the facts of the case, the Assessing Officer has considered the material by applying his mind to the information collected from the Central Excise Department preferring to the return of income furnished by the assessee, wherein it was not possible to ascertain as to whether the assessee has taken the transaction which is disclosed during the course of search of M/s. Wonder Packaging Industries Limited or not, and therefore, has rightly come to the opinion that he has reason to believe that income chargeable to tax has escaped assessment. No substantial question of law.