TMI Blog2016 (11) TMI 73X X X X Extracts X X X X X X X X Extracts X X X X ..... he documents pertaining to it. According to the binding ruling of the Supreme Court in Commissioner of Income Tax vs. Kelvinator Ltd. [2010 (1) TMI 11 - SUPREME COURT OF INDIA], sans such documents, evidence or tangible material, there cannot be valid opinion leading to proper re-assessment proceedings. The rationale furnished by the revenue in its counter affidavit and reiterated in the court ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in favour of assessee - W. P. (C) 16902/2004 - - - Dated:- 5-10-2016 - S. Ravindra Bhat And Deepa Sharma, JJ. For the Petitioner : Mr. Piyush Kaushik, Advocate For the Respondent : Mr. Rahul Kaushik, Sr. Standing Counsel for Income Tax ORDER The asessee challenges reassessment notice under Section 147-148 of the Act issued by the revenue seeking to re-open the concluded asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e reason to believe that income in excess of ₹ 4,70,532/- has escaped assessment Notice u/s 148 may be issued, if approved. After notice was issued this court admitted the petition and issued rule. The revenue in support of the reassessment notice urges that the failure of the petitioner to indicate the break-up of income that arose on account of commission and interest on f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ch less tangible material in that impelled the AO to revisit a concluded issue. It is urged that the rationale for re-opening is utterly inaccurate because during the course of assessment proceedings, full disclosure including the break-up of income was in fact made. It is evident from a plain reading of the reasons furnished by the revenue that there is no allusion to tangible material in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g judgments that could have been the basis of a valid revision by the revenue under Section 264. It goes without saying that statutory orders containing reasons are to be judged on the basis of what is apparent and not what is explained later, as the validity of those orders does not improve with time or on account of better explanations furnished in the course of legal proceedings (refer M.S. Gil ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
