TMI Blog2016 (2) TMI 997X X X X Extracts X X X X X X X X Extracts X X X X ..... d in favour of assessee. - Cross Objection No.276/Del/10 (In ITA 3602/Del/2010) - - - Dated:- 5-2-2016 - SHRI J. SUDHAKAR REDDY, ACCOUNTANT MEMBER AND SH. A.T. VARKEY, JUDICIAL MEMBER Appellant by : Sh.Manoj Chopra, Sr.D.R. Respondent by : Sh. Ved Jain, FCA and Sh. Pranjal Srivastava, Adv. ORDER PER J.SUDHAKAR REDDY, ACCOUNTANT MEMBER This is an appeal filed by the Revenue directed against the order of the Ld. Commissioner of Income Tax (Appeals)-V dated 04.03.2010 pertaining to the Assessment Year (A.Y.) 2000-2001. The assessee has filed a C.O. 2. The assessee is a company and has filed its return of income on 28.9.2000 declaring income of ₹ 3,96,115/-. The assessments were reopened u/s 147 of the A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... no. 545/2015 vide order dt. 8.10.2015 at para 12 and 13 held as follows. 12. In the present case, after setting out four entries, stated to have been received by the Assessee on a single date i.e. 10 February 2003, from four entities which were termed as accommodation entries, which information was given to him by the Directorate of Investigation, the AO stated: I have also perused various materials and report from Investigation Wing and on that basis it is evident that the assessee company has, introduced its own unaccounted money in its bank account by way of above accommodation entries. The above conclusion is unhelpful in understanding whether the AO applied his mind to the materials that he talks about particularly since he did ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that prior to the reopening of the assessment, the AO has to, applying his mind to the materials, conclude that he has reason to believe that income of the Assessee has escaped assessment. Unless that basic jurisdictional requirement is satisfied a post mortem exercise of analysing materials produced subsequent to the reopening will not rescue an inherently defective reopening order from invalidity . 5. The Hon ble Delhi High Court in the case of CIT-4 s. Independent Media P.Ltd. in ITA 108/2013 judgement dt. 19.11.2015 at para 7 and 8 held as follows. 7. Recently this Court by order dt. 8th October, 2015 in ITA no.545/2015 (Pr.CIT vs.G G Pharma India Ltd.) dealt with a similar instance of reopening of assessment by an AO based on ..... X X X X Extracts X X X X X X X X Extracts X X X X
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