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M/s Westland Developers Pvt. Ltd., Versus Assistant Commissioner of Income Tax, Circle-23, New Delhi

2016 (6) TMI 1144 - ITAT DELHI

Validity of reopening of assessment - Held that:- The reasons recorded in the case of the assessee that assessment has been reopened on the basis of some opinion received from ACIT, Central Circle-19 on the basis of survey operations conducted in the case of S.K. Gupta group. The basic requirement is that the Assessing Officer must apply his mind to the material in order to form reasons to believe that the income of the assessee has escaped assessment. - Thus we hold the reopening of assess .....

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y the assessee for the assessment year 2004-05 is directed against the order of learned CIT(A)-XXXIII, New Delhi dated 7th June, 2013. 2. Ground Nos.1 & 2 of the assessee's appeal read as under:- "1. That on the facts and circumstances of the case and in law, the Commissioner of Income Tax (Appeals)-XXXIII, New Delhi erred in rejecting appellant's contention that assessment order made by Assessing Officer was bad in law and void ab-initio. 2. That without prejudice, on the facts .....

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recorded noted at page 2 of the assessment order in the case of present assessee and also referred to reasons recorded in the case of USG Buildwell Pvt.Ltd. which are reproduced in paragraph 9 of the ITAT's order and pointed out that both the reasons recorded are same in verbatim. He, therefore, submitted that the decision of ITAT in the case of USG Buildwell Pvt.Ltd. would be squarely applicable. 4. We have carefully considered the arguments of both the sides and have perused the material p .....

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f survey operations conducted in the case of S.K. Gupta group. Paragraph 2 of the reasons recorded both in the case of the assessee under appeal before us and USG Buildwell Pvt.Ltd. is in verbatim the same. Paragraph 3 & 4 are also almost same except the modification in the amount of cheque received by the assessee under appeal before us and the cheque received by USG Buildwell Pvt.Ltd. But, in substance, the reasons recorded in both these cases are identical. Therefore, we agree with the le .....

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377; 20 lacs has escaped assessment for the assessment year 2004-05 for failure on the part of the assessee to disclose fully and truly all material facts necessary for its assessment within the meaning of sec. 147 of the Income-tax Act, 1961. Notice under sec. 148 of the Act has accordingly been issued by the Assessing Officer. In the above cited decisions of the Hon'ble High Court, it has been observed by the Hon'ble High Court that such type of conclusion is unhelpful in understanding .....

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ch must have been tendered along with the return, which was filed on 14.11.2004 and was processed under sec. 143(3) of the Act. It was held that without forming a prima facie opinion, on the basis of such material, it was not possible for the Assessing Officer to have simply concluded, "it is evident that the assessee company has introduced its own unaccounted money in its bank by way of accommodation entries. The basic requirement is that the Assessing Officer must apply his mind to the ma .....

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