TMI Blog2005 (1) TMI 352X X X X Extracts X X X X X X X X Extracts X X X X ..... d return for this year declaring nil income on 23rd Jan., 1993 and the same was processed u/s. 143(1)(a) of the IT Act, 1961 (hereinafter referred to as 'the Act' for short), on 23rd Jan., 1993. Thereafter, action under s. 132 of the Act was taken by the Department on 29th Nov., 1994. During the course of search, no incriminating documents, etc. were found. The AO initiated reassessment proceeding ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... books of account and the return was accepted under s. 143(1)(a) of the Act much before the date of search. A survey was also conducted at the residential premises of the partner of the firm and hotel premises. Therein also, no incriminating evidence was found. 3. The CIT(A) cancelled the assessment order passed in pursuance to notice under s. 148 of the Act. Relying on various decisions includi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Authorised Representative, Shri D.C. Jain, has relied on the decisions which are also relied (on) by the learned CIT(A) and has further relied on the decision of the Hon'ble Madhya Pradesh High Court in the case of Prakash Chand vs. Dy. CIT (2004) 188 CTR (MP) 576, inter alia. In this case the assessee had filed the returns and had declared cost of construction during this year and the assessment ..... X X X X Extracts X X X X X X X X Extracts X X X X
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