Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (11) TMI 1234 - ITAT DELHIReopening of assessment - accommodation entry receipt - Held that:- It is admitted fact that in Para 3 of the reasons recorded the A.O alleged that the entries has to ₹ 85.5. lakhs have been taken during Assessment Year 2003-04 and he is intending to initiate re-assessment proceedings for Assessment Year 2003-04 which is clear non application of mind. In Para 4 also the A.O alleged that the assessee has back unaccounted money of 85.50 lakhs in its business through he accommodation entry and thus there was a failure on the part of the assessee to disclosed fully and truly all material facts necessary for its assessment for AY 2003-04 but the allegations made in Para 3 as stated above, are clearly contradictory and pertaining to Assessment Year 2003-04 relating to Assessment Year 2004-05 which cannot be taken for consideration for re-initiation of re-assessment proceedings and issuance of notice u/s 147 & 148 of the Act for Assessment Year 2003-04. In view of above noted facts and acquisition, we Assessment Year of the considered view that the A.O initiated re-assessment proceedings u/s 147 of the Act and issue notice u/s 148 of the Act in a mechanical and casual manner and by considering the irrelevant and incorrect facts and thus assumption of jurisdiction for initiation of re-assessment proceedings and issuance of notice u/s 147 and 148 of the Act cannot be held as valid and thus we are inclined to quash the same. - Decided in favour of assessee
|