9911796707
TMI Blog2018 (5) TMI 63X X X X Extracts X X X X X X X X Extracts X X X X ..... a copy of this order admitting this Appeal. Thus, on 22nd March, 2018 this Appeal was kept on board under the caption 'for directions' to ascertain the exact status of this Appeal. However, on that date the Counsel for the parties informed us that they do not have any copy of the order passed by this Court either admitting or dismissing this Appeal. They also stated that, their clients are infact not aware whether this Appeal is dismissed or admitted. 2. In the above view, we took up the Appeal for considering its admission. 3. This Appeal under Section 260A of the Income Tax Act (Act) challenges the order dated 13th September, 2004 passed by the Income Tax Appellate Tribunal (Tribunal). The impugned order dated 13th Septem ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment order dated 22nd February, 2001 passed under Section 143(3) read with Section 147 of the Act. 7. On appeal, the CIT (A), allowed the appellant's appeal, holding that re-opening notice dated 15th May, 1998 is without jurisdiction. 8. On further appeal, the impugned order of the Tribunal holds that the exercise of re-opening the assessment is without jurisdiction. This on the ground that, the entire issue of capital gains on which the reopening notice was issued was the subject matter of consideration during the regular assessment proceedings under Section 143(3) of the Act. This is evident from the letters of the appellant disclosing all facts during the regular Assessment proceedings. Therefore, it held it to be a case of change ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... formation in respect of the issue of capital gains by letters during assessment proceedings. Therefore, the Assessing Officer had applied his mind to the facts and the law while passing the order of regular assessment. The decision in the case of Beena K. Jain (supra) being relied upon by the appellant in support of the re-opening notice was available at the time when the regular assessment order dated 12th September, 1996 under Section 143 of the Act was passed. Therefore, it would not be fair to presume that the Assessing Officer was ignorant of the decision rendered by this Court. Moreover, as the impugned order of the Tribunal itself records that the reasons recorded in support of the impugned notice was merely on the basis of borrowed ..... X X X X Extracts X X X X X X X X Extracts X X X X
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