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TMI Blog2017 (6) TMI 484X X X X Extracts X X X X X X X X Extracts X X X X ..... r 2009-10 may be followed in other years. 3. I have heard Ld. Representatives of both the parties and perused the material on record. For the purpose of disposal of all the appeals, the appeal for asstt. Year 2009-10 is decided as under :- Assessment Year- 2009-10 4. Briefly, the facts of the case are that return declaring of income of Rs. 1,99,990/- was filed on 14th September, 2009, same was processed u/s 143(1). In the return of income,all the columns of the balance sheet as well as profit and loss account have been filled, the gross receipts have been shown at Rs. 69,67,218/- from where net profits of Rs. 1,99,990/- have been declared. In the computation of income, assessee has not shown income under other heads. A survey u/s 133A o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... addition was not made in the reassessment order. AO did not record in the reasons about disallowance of the expenses on account of rent and electricity and addition on account of unexplained share application money. Therefore the AO accepted the contention of the assessee and holds that the income on which he has initially formed a belief had escaped assessment, has as a matter of fact has not escaped assessment, it is not open to him to independently assess some other income. If he intends to do so, a fresh notice u/s 148 should be necessarily issued. He has relied upon decision of Bombay High Court in the case of CIT vs. Jet Airways (I) Ltd. 239 CTR 183 and decision of Delhi High Court in the case of Oriental Bank of Commerce vs. Addl. C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd any other documents founded belonging to the assessee M/s. Lamba Bricks Co. Pvt. Ltd. The assessee stated about below Banks A/cs numbers in his statement during survey operation. Later on, the information was called for u/s 133(6) of the Income-tax Act, 1961 from the Bank is as under :- Sr. No. Name of Bank Account No. Amt. Deposited (Rs.) 1. Indian Bank, Bhiwani 527103076 70,000/- 2. Axis Bank, Bhiwani 40201200001878 86,16,110/- Grand Total Rs. 86,86,110/- The assessee has filed his return for A.Y. 2009-10 in which gross turnover has shown at Rs. 66,91,608/- with net profit declared at Rs. 1,99,990/-. As per banks statements total turnover works out at Rs. 86,86,110/-. As per return of incom ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nclusion : AO may assess or reassess the income in respect of any issue which comes to his notice subsequently in the course of the proceedings though the reasons for such issue were not included in the notice ; however, if after issuing a notice under s. 148, the AO accepted the contention of the assessee and holds that the income which he has initially formed a reason to believe had escaped assessment, has as a matter of fact not escaped assessment, it is not open to him independently to assessee some other income." 9. Hon'ble Delhi High Court in the case of Oriental Bank of Commerce vs. ACIT 272 CTR 56 held as under :- "Conclusion : If no additions were made in respect of the reasons (a) and/or (b) it was not open to the AO to make ad ..... X X X X Extracts X X X X X X X X Extracts X X X X
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