TMI Blog2016 (5) TMI 571X X X X Extracts X X X X X X X X Extracts X X X X ..... nt. Since the statement recorded from Shri A.B.S. Sanjay does not indicate any receipt of on-money during assessment year 2008-09 and no material is available on record for assessment years 2007-08 and 2009-10, this Tribunal is of the considered opinion that the CIT(Appeals) has rightly found that there is no justification in reopening the assessments. This Tribunal do not find any reason to interfere with the order of the lower authority and accordingly the same is confirmed. - Decided in favour of assessee. - ITA Nos. 2154, 2155 & 2156/Mds/2015, C.O. Nos.10, 11 & 12/Mds/2016 - - - Dated:- 5-5-2016 - Shri N. R. S. Ganesan, Judicial Member And Shri A. Mohan Alankamony, Accountant Member For the Appellant : Sh. P. Radhakrishnan, JCI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n appeal by the Revenue, this Tribunal by an order dated 16.10.2015, confirmed the order of the CIT(Appeals), holding that there cannot be any addition on the basis of so-called brochure, which was said to be found in the premises of Shri A.S. Aadhinarayanan, since the same cannot be construed as incriminating material. The Assessing Officer after the order of the Tribunal, sought to reopen the assessment for the assessment year 2008-09. According to the Ld. D.R., the CIT(Appeals) found that the material available on record is only a brochure which was said to be found at the residence of Shri A.S. Aadhinarayanan. This was held to be not an incriminating material found during the course of search operation. Therefore, there cannot be any ad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f plot which was supported by the brochure found at the residence of Shri A.S. Aadhinarayanan. Therefore, according to the Ld. D.R., this material is very much available during the course of search operation. Since the income chargeable to tax escaped assessment, the notice under Section 148 of the Act was issued within four years from the end of the relevant assessment year. Therefore, the question of change of opinion does not arise. According to the Ld. D.R., it is a case of escapement of income which is otherwise assessable under the Income-tax Act. Therefore, according to the Ld. D.R., the CIT(Appeals) is not justified in deleting the addition made by the Assessing Officer. 3. On the contrary, Shri T. Vasudevan, the Ld.counsel for t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ording to the Ld. counsel, reopening of assessments is bad in law. The Ld.counsel further pointed out that the Assessing Officer himself examined some of the purchasers of the land who confirmed that they have paid only the sale consideration which was disclosed in the sale deed. Therefore, the Assessing Officer reopened the assessments only on surmises and conjunctures. Therefore, according to the Ld. counsel, reopening of assessments was not justified. 5. We have considered the rival submissions on either side and perused the relevant material available on record. On the basis of search conducted under Section 132 of the Act at the residential premises of Shri A.S. Aadhinarayanan, the Assessing Officer completed the assessment in the c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was also recorded. The brochure found by the Revenue authorities was held to be not an incriminating material. Therefore, the addition made by the Assessing Officer was deleted by the CIT(Appeals) which was confirmed by this Tribunal. Based upon the order of this Tribunal for the block assessment proceeding, confirming the order of the CIT(Appeals), the CIT(Appeals) found that there is no foundation for reopening assessment for the assessment years under consideration. 6. We have carefully gone through the Sections 147 and 148 of the Act. Section 147 clearly says that if the Assessing Officer has reason to believe that any income chargeable to tax escaped assessment for any of the assessment year, subject to provisions of Sections 147 a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t years for re-assessment proceedings may not be justified. As rightly found by the CIT(Appeals), there is no base for the reasons to believe that the income otherwise chargeable to tax has escaped assessment. In the absence of any material to suggest that the income chargeable to tax escaped assessment, this Tribunal is of the considered opinion that the Assessing Officer cannot believe that the income chargeable to tax escaped assessment. Since the statement recorded from Shri A.B.S. Sanjay does not indicate any receipt of on-money during assessment year 2008-09 and no material is available on record for assessment years 2007-08 and 2009-10, this Tribunal is of the considered opinion that the CIT(Appeals) has rightly found that there is n ..... X X X X Extracts X X X X X X X X Extracts X X X X
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