TMI Blog2013 (7) TMI 270X X X X Extracts X X X X X X X X Extracts X X X X ..... 7 - SUPREME Court] - Decided in favour of Assessee. - W.T.A. Nos. 34/KOL/ 2011 - - - Dated:- 25-6-2013 - Shri Pramod Kumar And Shri Mahavir Singh,JJ. For the Appellant : Shri S. Jhajharia For the Respondent : Shri Dilip Kr. Rakshit, JCIT, Sr. D.R. ORDER Per Pramod Kumar :- By way of this appeal, the assessee-appellant has challenged correctness of learned Commissioner of Income Tax (Appeals)'s order dated 5th September, 2011, in the matter of assessment under section 16(3) read with section 17 of the Wealth Tax Act, 1957, for the assessment year 2004-05. 2. The grievances raised by the assessee are as follows :- (1) For that in view of the facts and circumstances of the case, the CIT(A) was wholly wrong and unjust ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ding loan liability of Rs.5,95,575/- as on 31.03.2004 owed to the Bank instead of straightway allowing the deduction when it was an undisputed and established fact on record that the bank loan, fully utilized in acquiring during the year a Motor Car worth Rs.7,13,972/- and included in its return as an asset chargeable to wealth-tax, is an admissible deduction u/s 2(m) of the W. Tax Act. The actions of both the A.O. and the ld. CIT(A) were wholly unreasonable, uncalled for and bad in law. 3. During the course of hearing, it was pointed out by the ld. counsel that the reasons of reopening the assessment were never furnished to the assessee. It was also pointed out that, as noted by the ld. CIT(Appeals), the assessee had made oral request fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... his own. Ld. D.R. also submitted that though the assessee has been made fully aware of the reasons, no specific jurisdictional issues have been raised by the assessee. He, therefore, urged to reject the preliminary grievances raised by the ld. counsel for the assessee. 5. Having heard the rival submissions and perused the material available on record, we find that the scheme of the law as envisaged by the Hon'ble Apex Court is clear and unambiguous in the case of G.K. Drive Shafts -vs.- ITO reported in 259 ITR 19. In the case of reopening of assessment, the right course of action for the Assessing Officer is to furnish the reasons of reopening the assessment to the assessee and in case the assessee has any objection to such reopening, th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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