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2018 (4) TMI 803

essment - Held that:- CIT (Appeals) considered the merits of the matters and regarding the details called for by the AO, after issuance of notice u/s 148 as rightly pointed out by the CIT (Appeals) and affirmed by the Tribunal, AO has attempted to make a roving enquiry in the course of reassessment proceedings and has attempted to collect evidence to support the initiation of proceedings under Section 148 of the Act. - There is no material to show as to how the Joint Commissioner of Income Tax, Special Range III, Mumbai, came to the conclusion that the value of the assets should be determined as NIL. Thus, we find that the impugned reassessment proceedings was a clear case of change of opinion and therefore, the proceedings could not ha .....

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-97. The assessments were reopened for the two years, by relying upon the letter sent by the Joint Commissioner of Income Tax, Special Range III, Mumbai, dated 21.01.2000. 5. The Commissioner of Income Tax has, by an elaborate order, allowed the assessee's appeals and set-aside the reopening proceedings on the ground that it is a clear case of change of opinion. This finding has been affirmed by the Tribunal. The Revenue is before us challenging the said common order. 6. The learned counsel appearing for the appellant / Revenue, in both the Appeals, referred to a decision of the Hon'ble Supreme Court in the case of Income Tax Officer v. Selected Dalurband Coal Company (P) Ltd., reported in (1996) 217 ITR 597 (SC) to sustain the reop .....

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d certain enquiries were made and certain adverse inference were drawn. However, in respect of the disputed transaction, the Assessing Officer did not make any enquiries showing thereby the Assessing Officer was satisfied about the genuineness of the transaction. The only information which came in possession of the Assessing Officer subsequent to the completion of the assessment is the letter of JCIT, Special Range III, Mumbai referred to above. As stated earlier, the copy of the letter does not seem to have been placed on record and at least has not been made available to me. Therefore, I am not in a position to comment upon the quality of information contained int he said letter. However, from the reasons recorded by the Assessing Officer .....

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(Appeals) also considered the merits of the matters and regarding the details called for by the Assessing Officer, after issuance of notice under Section 148 of the Act, as rightly pointed out by the Commissioner of Income Tax (Appeals) and affirmed by the Tribunal, the Assessing Officer has attempted to make a roving enquiry in the course of reassessment proceedings and has attempted to collect evidence to support the initiation of proceedings under Section 148 of the Act. 11. Further more, we find that there is no material to show as to how the Joint Commissioner of Income Tax, Special Range III, Mumbai, came to the conclusion that the value of the assets should be determined as NIL. Thus, we find that the impugned reassessment proceedin .....

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