TMI Blog2015 (9) TMI 1062X X X X Extracts X X X X X X X X Extracts X X X X ..... re of the opinion that the notice issued for reopening the assessment was contrary to law since it did not meet with the foundational requirement of the proviso to Section 147. Similar view was held by this Court in ACI Oils P. Ltd. Vs. DCIT and Anr., (2014 (11) TMI 187 - ALLAHABAD HIGH COURT), which is fully applicable in the present case. - Decided in favour of assessee. - Income Tax Appeal No. 413 of 2010 - - - Dated:- 17-9-2015 - Hon'ble Tarun Agarwala And Hon'ble Surya Prakash Keserwani, JJ. ORDER ( Per: Tarun Agarwala, J. ) We have heard Sri Shubham Agrawal, the learned counsel for the appellant and Sri R.S.Agrawal, the learned counsel with Sri Rupesh Jain, the learned counsel for the assessee. The original ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sheet for the period ending 31.03.1994, it is seen that there were secured loans as per details given here as under: (a)Non-convertible debentures Rs.2391.64 lakhs (b) Term loan ₹ 988,94 lakhs Total ₹ 3380.58 lakhs The assessee had also invested ₹ 793.11 lakhs in purchase of shares of UTI, Housing Development Finance Corpn. And India Glycols Ltd. as on 31.3.94. From the balance sheet, it is apparent that the assessee had made investments in these shares out of funds available after raising loans on non convertible debenture and term loan only. Investment in shares could not be ma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lakhs and assessee is entitled for further deduction of ₹ 53 lakhs, which resulted into under assessment by ₹ 36 lakh (91-55). The scope and effect of Section 147 of the Act as substituted with effect from 01.04.1989 and also Section 148 of the Act are substantially different from the provisions as they stood prior to such substitution. Clause (a) and (b) of Section 147 of the Act laid down the circumstances under which income escaped assessement could be assessed or reassessed. Section 147 contemplated two conditions which were required to be satisfied, namely, that the Assessing Officer must have reasons to believe that income, profit or gain chargeable to tax have escaped assessment, and secondly, he has reasons to belie ..... X X X X Extracts X X X X X X X X Extracts X X X X
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