TMI Blog2014 (2) TMI 302X X X X Extracts X X X X X X X X Extracts X X X X ..... ason to believe that income chargeable to tax escaped assessment - neither in the recorded reasons nor even in the assessment order, the AO has even alleged that escapement of income was consequent upon appellant's failure to disclose truly and fully all material facts necessary for assessment – the conditions of the first proviso to sec. 147 were not fulfilled - There was no infirmity in the order of CIT(A) – thus, the order of the CIT(A) quashing the reassessment framed by AO u/s. 147 r.w.s. 148/143(3) of the Act upheld – Decided against Revenue. - I.T.A No. 1620/Kol/2012, CO No.149/Kol/2012 - - - Dated:- 31-1-2014 - Shri Mahavir Singh, JM And Shri Abraham P. George, AM,JJ. For the Petitioner : Shri Kalyan Nath, JCIT, Sr. DR F ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee, were fulfilled." 3. Briefly stated facts are that the assessee company filed its return of income on 15.10.2004 for AY 2005-05. Assessment was completed u/s. 143(3) of the Act on 17.11.2006. The assessee is engaged in the business of running and managing a business centre and the receipts therefrom were disclosed as income from business and profession. The AO issued notice u/s. 148 of the Act dated 24.03.2011 to frame reassessment for the reason that receipt in assessee's income was taxable under the head "Income from House Property" and the same was wrongly assessed as income from business or profession. The assessee before CIT(A) submitted that assessment was reopened beyond four years and there is no failure on the part ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to nature of business, details of properties owned, details of rental income, etc. In response the appellant had furnished its reply explaining that running and maintaining business centre was its business. Besides details of properties owned by the assessee; party-wise particulars of service charges received from various parties were also furnished. The appellant also clarified that it had not let out the premise to tenants and the income was derived from running and operating a business centre. After examining assessee's reply to the specific queries; the AO in the regular assessment recorded his specific finding that during the relevant year the appellant carried on business of operating a business centre and the income by way of servic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessment. Moreover, neither in the recorded reasons nor even in the assessment order, the AO has even alleged that escapement of income was consequent upon appellant's failure to disclose truly and fully all material facts necessary for assessment. In view of above facts, therefore, it is to be held that conditions of the first proviso to sec. 147 were not fulfilled in the present case." As the facts are clear, we find no infirmity in the order of CIT(A) as discussed above. We confirm the order of CIT(A) quashing the reassessment framed by AO u/s. 147 r.w.s. 148/143(3) of the Act. This appeal of revenue is dismissed. 4. As we have already adjudicated revenue's appeal and dismissed the revenue's appeal on the issue of jurisdiction, we n ..... X X X X Extracts X X X X X X X X Extracts X X X X
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