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2016 (2) TMI 597 - ITAT CHENNAI

2016 (2) TMI 597 - ITAT CHENNAI - TMI - Reopening of assessment - Held that:- The assessee in the assessment proceedings u/s.143(3) r.w.s 147 of the Act has filed material information which the Assessing Officer has overlooked the vital documents further the assessee filed appeal before the Commissioner of Income Tax (Appeals) and also filed submission 05.06.2015, which ld. Commissioner of Income Tax (Appeals) has ignored. Therefore, we are of the opinion that one more opportunity be given on th .....

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No.1733/Mds/2015 - Dated:- 14-1-2016 - SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SHRI G. PAVAN KUMAR, JUDICIAL MEMBER For The Appellant: Shri. V.S. Jayakumar, Adv For The Respondent : Shri. A.B. Koli, IRS, JCIT. ORDER PER G. PAVAN KUMAR, JUDICIAL MEMBER: The appeal filed by the assessee is directed against order of the Commissioner of Income-tax (Appeals)-4, Chennai in ITA No.206/2013-14, Dated 30.03.2015 for the assessment year 2007- 2008 passed u/s.143(3) r.w.s 147 and 250 of the Income Tax .....

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he Act order dated 21.12.2009. The Assessing Officer subsequently issued notice u/s.148 of the Act on 31.03.2012. In response to notice of Sec.148 the assessee filed letter dated 04.08.2012 stating the original return filed may be treated as return filed in response to the notice. 4. In the assessment proceedings, on perusal of the balance sheet the Assessing Officer found :1,43,67,129/- a loans and advance and interest of :3,93,752/- was debited in the profit and loss account. The Assessing Off .....

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ndaram Brothers vs. CIT 238 ITR 939 under the presumption that the assessee had to first utilize the fund for repayment of loan and balance of excess funds should be given for interest free loan. With this finding, the ld.AO disallowed interest amount of :3,93,752/- and passed order 143(3) r.w.s 147 of the Act dated 21.03.2013. Aggrieved by the order of the Assessing Officer, the assessee filed an appeal before the Commissioner of Income Tax (Appeals). 5. In appellate proceedings, the ld. Author .....

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either any material was filed to support the grounds nor written submission were filed. Therefore, on the ground of non appearance at the time of hearing took adverse opinion that the assessee is having callous and indifferent attitude and not interested in prosecuting the appeal and relied on the decision of Apex Court in the case of CIT vs. B.N. Bhattacharjee and another 118 ITR 461 and other judicial High Courts decision for non prosecution of the appeal. The ld.CIT(A) is of the opinion that .....

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