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TMI Blog2014 (12) TMI 764X X X X Extracts X X X X X X X X Extracts X X X X ..... cates ORDER Sanjiv Khanna, J. (Oral) This appeal by the Revenue under Section 260A of the Income Tax Act, 1961 ('Act' in short) pertains to assessment year 2004-05. The Income Tax Appellate Tribunal (Tribunal, for short) by the impugned order dated 14.08.2014 has allowed the appeal of the respondent assessee, an individual, and has quashed the reassessment proceedings on the ground that the j ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e books of M/s Ishwar Dass Sahni & Brothers Ltd. 4. The aforesaid submission does not carry any weight and is without substance because this is not the reason recorded by the Assessing Officer before issue of notice under Section 148 of the Act. The reasons recorded by the Assessing Officer for issue of notice under Section 148 of the Act read as under:- "Reasons recorded u/s 147 of the I. T.Act ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e meaning of section 147 of the I.T. Act 1961 to the tune of Rs. 1,66,23,750/- for assessment year 2004-05 by reason of omission or failure on the part of the assessee to disclose fully and truly all material facts necessary for his assessment. " 5. When we read the aforesaid grounds or reasons, it is apparent that the Assessing Officer had proceeded on the basis that the respondent assessee had ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Assessing Officer were incomplete and some papers were missing. However, it has given a categorical finding that the assessee had disclosed the factum of investment of Rs. 1,66,23,750/-. The present case was reopened after 4 years of the end of the assessment year in which return of income was filed and, therefore, the reopening must also satisfy the additional requirement that the assessee had ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 000.00 b) lsherdas Sahni & Bros.Pvt.Ltd. 2500 16623750.00 Regarding investment in 2500 shares of M/s lsherdas Sahni & Bros. Pvt.Ltd., the assessee has already submitted the relevant details before your goodself in assessment proceedings for assessment year 2003-04." The said factual position is not disputed. The reason to believe, therefore, is factually incorrect and without foundation. In fa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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