TMI Blog2017 (4) TMI 706X X X X Extracts X X X X X X X X Extracts X X X X ..... M For The Assessee : Sh. Ved Jain, and Ashish Goyal, Advs. For The Revenue : Sh. A. K. Sharma, Sr. DR ORDER Per N. K. Saini, AM: This is an appeal by the assessee against the order dated 22.08.2012 of ld. CIT(A)-XI, New Delhi. 2. The main grievance of the assessee in this appeal relates to the validity of the reassessment proceedings u/s 147 r.w.s 148 of the Income Tax Act, 1961 (hereinafter referred to as the Act). 3. Facts of the case in brief are that the assessee filed the return of income on 01.12.2008 declaring an income of ₹ 445/-. Thereafter, the AO initiated the assessment proceedings by issuing the notice u/s 148 of the Act on 30.03.2010 on the basis of information received from DIT(Inv.), New ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Investigation Wing of the department was not valid. The reliance was placed on the following case laws: ITO Vs Navodaya Castles Pvt. Ltd. in ITA No. 4613/Del/2010 order dated 24.08.2016 Rasalika Trading Investment Co. (P) Ltd. Vs ITO in ITA No. 3103/Del/2013 order dated 27.11.2015 CIT Vs Independent Media Pvt. Ltd. in ITA No. 108/2015 order dated 19.11.2015 M/s RMG Polyvinyl (I) Ltd. Vs DCIT in ITA No. 1596/Del/2014 order dated 12.04.2016 Pr. CIT Vs G G Pharma India Ltd. reported at 384 ITR 147 6. We have considered the submissions of both the parties and carefully gone through the material available on the record. In the present case, from the copy of the reasons recorded placed at page ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... otice u/s 148 of the Act only on the facts received from the DIT(Inv.) was not valid. Accordingly, the reassessment framed by the AO deserves to be quashed. 9. On a similar issue the Hon ble Jurisdictional High Court in the case of Principal Commissioner of Income Tax-4 Vs G G Pharma Ltd. reported at 384 ITR 147 (supra) held as under: The basic requirement of law for reopening an assessment is application of mind by the Assessing Officer, to the materials produced prior to reopening the assessment, to conclude that he has reason to believe that income has escaped assessment. Unless that basic jurisdictional requirement is satisfied a post mortem exercise of analysing materials produced subsequent to the reopening will not make a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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