TMI Blog2017 (11) TMI 579X X X X Extracts X X X X X X X X Extracts X X X X ..... al remedy, since the Commissioner, being the fact finding authority, would be able to appreciate/reappreciate the factual position and take note of the legal position. It is needless to state that the Commissioner (Appeals), while deciding the appeal, first decide the question as to whether the reopening of the assessment and assumption of jurisdiction under Section 147 of the Income Tax Act was j ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... red by limitation. The respondent has assigned certain reasons while rejecting the petitioners objections. When this writ petition was admitted on 01.03.2005, the Court granted a conditional interim order by directing the respondent to proceed with the assessment proceedings and pass final orders, the implementation of the same shall be withheld till the stay petition is disposed of. 3.As again ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or reopening is bad in law and not sustainable; since the advance was received by the assessees company, which was not a registered shareholder in the lender company, provisions of Section 2(22)(e) has no application in the hands of the assessee and the issue stands covered by the judgments of two Division Benches of this Court in the case of Principal Commisssioner of Income Tax, Chennai vs. M/s. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n done and pursuant to the interim order passed by this Court, the petitioner is on appeal before the Commissioner, it is appropriate for the petitioner to pursue such appeal remedy, since the Commissioner, being the fact finding authority, would be able to appreciate/reappreciate the factual position and take note of the legal position. It is needless to state that the Commissioner (Appeals), whi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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