TMI Blog2006 (3) TMI 240X X X X Extracts X X X X X X X X Extracts X X X X ..... al and the Tribunal has not considered the contentions and has not cited or considered any of the decisions in ITA Nos. 207 and 208/Jp/2005. The second argument of learned counsel for the assessee was with regard to the applicability of s. 148 of the Act in the asst. yr. 1994-95 and the learned counsel for the assessee argued that provisions of s. 147 were not applicable in view of proviso to s. 147 since the assessment has been made under s. 143(3) and no action shall be taken under the proviso of this section after expiry of four years from the end of the assessment year, unless the income chargeable to tax escaped assessment by reason of failure on the part of the assessee to disclose fully and truly the material facts necessary for the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... inable in this regard because all the submissions made by the assessee including the decisions referred to and all the relevant materials have been considered before deciding the appeal and the same have been mentioned in para 8 of Tribunal order. The learned Departmental Representative has relied upon various judgments in this regard as under: 1. CIT vs. Karamchand Thapar Brothers (P) Ltd. (1989) 76 CTR (SC) 36 : (1989) 176 ITR 535 (SC) where it has been held as under: "It is equally well settled that the decision of the Tribunal has not to be scrutinized sentence by sentence merely to find out whether all facts have been set out in detail by the tribunal or whether some incidental fact which appears on the record has not been notice ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , which would support or not support its conclusion." 3. Shakti Savanta vs. ITO (1983) 5 ITD 713 (Bom)(TM) where it has been held as under: "It is not always necessary that even in a speaking order the Tribunal should put down every argument of the assessee in a detailed manner as he has made it and that too in an equally detailed manner as he would like to have it. What is important is whether the argument has been heard and grasped by Tribunal and the decision bears the stamp of such grasp. As regards interpretation of r. 9A, the Tribunal adopted what it considered to be a rational method of computation, and this could be said either to be an interpretation of the rules given by the Tribunal or certainly a view which it holds on the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rectified. Power to recall an order is prescribed in terms of r. 24 of the ITAT Rules, 1963, and that too only in cases where the assessee shows that it had a reasonable cause for being absent at a time when the appeal was taken up and was decided ex parte." 4. As regards objection of the learned counsel for the assessee that s. 147 is not applicable to the assessee in view of proviso to s. 147. This argument of the learned counsel for the assessee is not maintainable because s. 147 is applicable in the present case in view of proviso to s. 147, since in the present case, we have upheld that income chargeable to tax has escaped assessment by reason of the failure on the part of the assessee to disclose fully and truly all material facts n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The AO vide his order dt. 28th Feb., 2001 has found the deposit of Rs. 4 lakhs and interest thereon as bogus while framing the assessment for the asst. yr. 1995-96. Now the issue before us is to adjudicate upon, whether the AO is authorized to issue notice under s. 148 for the asst. yr. 1994-95 of the Act or not on the basis of information obtained while framing assessment for the asst. yr. 1995-96. The learned CIT(A) has quashed the assessment being barred by limitation since the assessee has disclosed fully and truly all material facts in the original assessment, whereas the AO while framing assessment of asst. yr. 1995-96 has found out the impugned deposit of Rs. 4,00,000 and interest thereon as bogus, then the assessee, in the opinion ..... X X X X Extracts X X X X X X X X Extracts X X X X
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