TMI Blog2015 (10) TMI 2481X X X X Extracts X X X X X X X X Extracts X X X X ..... time. If the Revenue failed to issue notice u/s 143(2), it cannot resort to section 148 for the purpose of verification of certain transactions. Notice u/s 148 can be issued only when the Assessing officer records his satisfaction with regard to escapement of income. In the reasons recorded, there is no mention of the escapement of income; therefore, in our opinion, reopening of assessment is not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... u/s 147 of the Act. 3. We have heard both the parties and perused the material placed before us. The copy of reasons recorded for re-opening of assessment is at page No.5 of the assessee s paper-book, which reads as under: No. ITO. Wd.-10(4)/reason u/s 148/2013-14 dt. 26.09.2013 To Smt. Sonal Arpit Doshi, 5/A, Vaishali Appartment, 43, Pritam Nagar, Ellisbridge, Ahmedaba ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h M. Choksi, at Mumbai. Shri Mukesh M. Choksi himself admitted that my all group companies are providing entry for taking profit or loss by showing purchase or sale of the shares and securities to various parties across India on which I was charged certain commission from the beneficiary parties. The same information received by ; this office supplied by The Director of Income-tax (I C.I.), New ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e F.Y. 2005- 06. Accordingly, all the transactions made by you were unverifiable. Hence, same transactions also should be required for detailed verification from various aspects for genuineness of the said transaction as per the information supplied by The Director of Income-tax (I C.I.), New Delhi in your case by reassessment . 3. The above reasons are provided on express request made by you ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re is no mention of the escapement of income; therefore, in our opinion, reopening of assessment is not valid and the same is quashed and consequentially, the assessment order passed in pursuance to such notice is also quashed. 5. Since we have quashed the assessment order, the additions made by the Assessing Officer in the said assessment order which are challenged on merit in the assessee s a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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