TMI Blog2008 (8) TMI 937X X X X Extracts X X X X X X X X Extracts X X X X ..... 91-92 proposing to formulate the following substantial question of law for consideration and determination of this Court : (i) Whether, on the facts and in the circumstances of the case and in law, the Tribunal is right in coming to the conclusion that reopening of assessment under s. 147 r/w s. 148 of the IT Act is illegal and unlawful ? 2. The brief facts giving rise to the present app ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der s. 148 of the Act calling upon the assessee to file return of income on 1st Oct., 1999. The reassessment was completed on 26th Feb., 2002 and the AO determined total income of the assessee at ₹ 5,44,804. 3. Being aggrieved by the said order of the AO the assessee filed an appeal before the CIT(A), Surat challenging the reassessment order on legality as well as on merit. The CIT(A) has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s attracted. Any expenditure which is wrongly allowed in the regular assessment is subjected to reopening. He has, therefore, submitted that the substantial question of law arises out of the order of the Tribunal. 5. We have heard Mr. Naik, learned standing counsel appearing for the Revenue. We have also perused the orders passed by the authorities below. The Tribunal in its order dt. 31st May, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Details of loans and advances. (e) Details of unsecured loan and interest. 6. On the basis of these details and findings the Tribunal had come to the conclusion that it cannot be said that there was a failure on the part of the assessee and/or there was no disclosure which could be the basis of reopening of the assessment after four years. 7. Even in the assessment order passed by the AO ..... X X X X Extracts X X X X X X X X Extracts X X X X
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