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TMI Blog2018 (3) TMI 153X X X X Extracts X X X X X X X X Extracts X X X X ..... e appeals filed by the assessee are allowed. 2. The respondent assessee is a firm involved in the business of developing and constructing house and plots at Hubballi. A survey under Section 133A was conducted on 21.10.2010, wherein certain incriminating documents and loose papers were found revealing transaction in immovable property including the land. Notice dated 09.11.2011 under Section 147 came to be issued reopening the assessment to assess the escaped income. Re-assessment came to be concluded by making additions to the returned income towards suppression in sales, unexplained deposits in Bank, undisclosed advances paid, undisclosed receivables and undisclosed investments in work progress. 3. Being aggrieved by the same, assessee p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rely covered and the substantial question of la w has to be answered in favour of the revenue and against the assessee. 7. However, the learned Senior counsel Sri.M.V.Sheshachala appearing on behalf of Sri.J.M.Gangadhar and Sri.Praveen Tarikar for the assessee fairly admitting that the matter is covered by the judgment of this Court in Govindraju supra, would submit that the Tribunal having quashed the reassessment notice has not examined the matter on merits of the case. Hence, the matter requires reconsideration by the Assessing Officer on the merits of the case. 8. Learned counsel submitted that the Tribunal has remanded the matter relating to the assessment year 2008-09 and 2009-10 to the Assessing Officer to consider the case on meri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uring the course of the proceedings, which can be assessed independent of the first part, even when no addition can be made with regard to 'such income', but the notice on the basis of which proceedings have commenced, is found to be valid. 39. In the end it was vehemently argued by the learned counsel for the appellant that the reason to be given under sub- section (2) of section 148 would be the very foundation of the issuance of notice and if it is false or baseless, then everything goes and the structure erected on such foundation would crumble. 40. It is true that if the foundation goes, then the structure cannot remain. Meaning thereby, if notice has no sufficient reason or is invalid, no proceedings can be initiated. But the same ..... X X X X Extracts X X X X X X X X Extracts X X X X
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