9911796707
TMI Blog2018 (9) TMI 65X X X X Extracts X X X X X X X X Extracts X X X X ..... itted that the assessment was initially completed by an order under Section 143(3) of the Income-tax Act, 1961 (in short 'the Act') on 30.12.2011. According to the Ld. representative, the Assessing Officer disallowed the claim of the assessee on the ground that the sale proceeds were not brought to India in foreign exchange, therefore, the claim is doubtful. On appeal by the assessee, the CIT(Appeals) by an order dated 12.12.2013, found that the entire consideration was brought to India in convertible foreign exchange within the period of six months from the end of the previous year, therefore, he allowed the claim of the assessee. A copy of the order of the CIT(Appeals) is available at page 159 of the paper-book. In fact, according ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion 10B of the Act is merged with the order of the CIT(Appeals), the Assessing Officer has no authority to reopen the assessment on the ground that the return was not filed within the period of limitation. Therefore, according to the Ld. representative, the CIT(Appeals) is not correct in confirming the order of the Assessing Officer. 5. On the contrary, Shri A. Sasikumar, the Ld. Departmental Representative, submitted that the issue of limitation for filing the return of income for the purpose of claiming exemption under Section 10B of the Act was not considered by the Assessing Officer at the time of original assessment. According to the Ld. D.R., the CIT(Appeals) also found that the sale proceeds were brought to India within six months i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the bank statements filed from 06.05.2008 to 23.03.2009 which are totalling to 6,11,46,043/- which are all received well before the due date i.e. 30.09.2009. The AR of the appellant has also filed date-wise statements received from Citi Bank in the form of certificate of Foreign Inward Remittances starting from 07.05.2008 onwards till 25.03.2009 which are totalling to 6,11,46,043/-. Similarly, as per Annexure -2 details of FIRC inward remittances filed from 06.06.2008 to 11.03.2009 totalling to 5,17,85,585/-. The appellant has also filed debtors outstanding as on 31.03.2009 amounting to 1,54,44,806/- as per Annexure-3 & 4. Thus as per the bank statements filed the total foreign remittances received tallies with the total amount claimed as e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essing Officer is allowed to reopen the assessment after the order of the CIT(Appeals), then the tax payers may not have confidence on the judicial system of this country. The power to determine or adjudicate an issue, even though technically flows from Income-tax Act, 1961, actually flows from confidence reposed by the people in the system. People may lose their confidence in the system if the power technically conferred on the Assessing Officer and the CIT(Appeals) under Income-tax Act is misused by them. This Tribunal is of the considered opinion that to retain the confidence of people in the judicial system, the Assessing Officer is expected to obey the orders of the CIT(Appeals) and other higher forums. Whatever may be the reason, when ..... X X X X Extracts X X X X X X X X Extracts X X X X
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