TMI Blog2017 (3) TMI 1389X X X X Extracts X X X X X X X X Extracts X X X X ..... ied upon in the course of appeal to the CIT(A) did not receive any matter of scrutiny, superficial or detailed. Even for a moment, if the Revenue is correct that the information which is sourced through Investigation Wing to justify a reassessment, ipso facto that was not sufficient to conclude assessment under Section 144. The AO was granted opportunity, not merely at the stage of reassessment bu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessee s returns for AY 2003-04 were sought to be reopened upon an information received from the Investigation Wing. After reassessment, a notice under 143(2) was issued to which the assessee did not respond, resulting in the order under Section 144 and an addition of ₹ 1 crore. The assessee appealed to the CIT(A) relying upon an additional evidence that was admitted. CIT(A) granted ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s order. The company was trying to modernize the Appu Ghar at Pragati Maidan under the name International Amusement Ltd. for which he had arranged this fund of ₹ 1 crore of the above two companies in January, 2003. Since the legal proceedings could not be materialized with Govt. of Delhi the appellant dropped the proposal of investing in the company and returned the money to the respective s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t there was sufficient material to justify the reassessment notice. It is submitted that reliance placed upon the Investigation Wing s report that in turn was based upon information, was unavailable at the time of completion of assessment under Section 143(3). At that time, the AO had not fully enquired into the loan entries claimed by the assessee and in the circumstances, this Court should inter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of reassessment but also during the appellate proceedings in the remand when it was possible to verify whether the investments were genuine and whether the credits claimed were genuine given that the amounts were received through normal banking channels, in the context of the assessee s claim that it needed funds for expansion. Having regard to these circumstances, the Court is of the opinion t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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