TMI Blog2015 (10) TMI 1374X X X X Extracts X X X X X X X X Extracts X X X X ..... ll deal with all issues relating to validity of reopening the assessment, including the issues touched upon above, as the assessee may raise, give a fair and reasonable opportunity of hearing to the assessee and decide the matter in accordance with the law and by way of a speaking order and to dispose of the matter within six months from the date of receipt of this order - Decided in favour of assessee for statistical purposes - IT APPEAL NO. 116 (AGRA) OF 2012 - - - Dated:- 6-6-2014 - PRAMOD KUMAR, AND JOGINDER SINGH,JJ. Alok Farsaiya for the Appellant. Waseem Arshad and S.D. Sharma for the Respondent. ORDER 1. It is a recalled matter. The appeal was originally disposed off ex partequa the assessee, vide order dated ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ROCEEDINGS UNDER SECTION 147 OF THE INCOME TAX ACT, 1961 1. Name of the assessee : Lord Shiva Investments 20A, Jai Ram Bagh, Dayal Bagh Agra 2. PAN : 3. Assessment year : 2001-02 Information is in possession of this office (which has been received from investigation wing, Agra) revealing that the following transactions made by Aayushi Stock Brokers Pvt Ltd, Sanjay Place, Agra, which have been found to have been recorded in the books of accounts of the assessee is prima facie unexplained. Date Bank name ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... edings, the assessee carried the matter in appeal before the CIT(A) but without any success. Learned CIT(A) upheld the validity of the reassessment proceedings. The assessee is not satisfied and is in further appeal before us 6. We have heard the rival contentions, perused the material on record and duly considered factual matrix of the case in the light of the applicable legal position. 7. The legal position is fairly well settled on the issue that in a reassessment proceeding, when no additions are made in respect of the income, purportedly escaping the assessment, set out in the reasons for re-opening the assessment, no other additions can be made either. As a matter of fact, the very reassessment fails in such a situation. The und ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e remit this limited aspect of verification of facts to the file of the Commissioner (Appeals). He has to examine validity of reopening of assessment afresh, in the light of inter alia, these observations. A plain look at the reasons recorded for reopening the assessment also prima facie shows the casual manner in which the exercise has been carried out simply on the basis of inputs received from the investigation inasmuch as the aggregate of eight entries, which is shown as closing balance, is again added to the entries and, as against total entries of ₹ 37,80,000, the income escaping the assessment is taken at double that amount i.e. ₹ 75,60,000. However, we refrain from making any further observations on this issue and, suffi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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