TMI Blog2014 (8) TMI 1088X X X X Extracts X X X X X X X X Extracts X X X X ..... 004-05. 2. It is a recalled matter inasmuch as the earlier ex parte order passed by the Tribunal was recalled vide its later order dated 06.06.2014. 3. The only issue raised by the assessee through various grounds is against upholding the initiation of reassessment proceedings. Briefly stated, the facts of the case are that the assessee filed its return on 01.11.2004 which was processed u/s 143(1) of the Income-tax Act, 1961 (hereinafter also called the Act ) on 23.02.05. Notice u/s 148 was issued on 20.03.2007 requiring the assessee to file its return. The assessee vide its letter dated 20.04.07 submitted that the original return filed may be treated as return filed pursuant to notice u/s 148. The AO mentioned in the assessment orde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (P) Ltd. Asstt. Year 2004-05 It has been informed by the Director of Income-tax (Inv.), New Delhi vide letter dated 16.6.2006 that the above named company was involved in giving and taking bogus entries/transactions during the F.Y. 2003- 04. From the information gather by the DIT (Inv.)-I, New Delhi that the assessee was involved in giving and taking accommodation entries only and represented unsecured money of the assessee company is actually unexplained income of the assessee company. The assessee company has failed to disclose fully and truly all the material facts and source of these funds routed through bank accounts of the assessee company. I, therefore, have reasons to believe that the income has escaped assessment within t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee vide its order in the case of Insecticides (India) Ltd. The Revenue challenged the said Tribunal order before the Hon ble Delhi High Court. Their Lordships in CIT vs. Insecticides (India) Ltd. [(2013) 357 ITR 330 (Del)] have upheld the quashing of the initiation of re-assessment proceedings by the tribunal. The reasons which constituted the basis for the initiation of re-assessment proceedings in the case of Insecticides (India) Ltd. (supra) have been reproduced by the Hon ble Delhi High Court in its judgment, which are again identical to those in the present case. The ld. DR was fair enough to concede that there is no order by any higher judicial forum in Revenue s favour upholding the initiation of reassessment proceedings in th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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