TMI Blog2019 (3) TMI 1659X X X X Extracts X X X X X X X X Extracts X X X X ..... o addition to the tax liability of the petitioner and the petitioner would still be governed by the provisions of section 115JB of the Act and assessed on the same book profit, it cannot be said that there was sufficient material before the Assessing Officer to form the belief that income chargeable to tax has escaped assessment. The impugned notice issued under section 148 of the Act, therefore, cannot be sustained - ITA No. 1448/Ahd/2016 - - - Dated:- 14-3-2019 - Pramod Kumar, VP And Ms. Madhumita Roy, JM For the Appellant : SN Soparkar Parin Shah For the Respondent : Mudit Nagpal ORDER Per Pramod Kumar, Vice President : 1. By way of this appeal, the assessee appellant has c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vidences and explanation given by the Appellant 2.2 The learned CIT(A) grossly erred in not considering and admitting the VAT assessment order passed by the VAT authorities in the case of Appellant wherein the VAT authorities have given credit of VAT paid by the dealer, purchases from whom have treated as bogus on the ground that same was not submitted before the Assessing Officer. 2.3 The learned CIT(A) upheld the disallowance made by the Assessing Officer without appreciating that the Sales / VAT assessment of seller should not form the basis of addition / disallowance in case of the buyer of goods. 3. To adjudicate on this appeal, only a few material facts need to be taken note of. It is a case of reopened ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... urt in a case where the assessee had declared a loss of ₹ 1.44 crores under the normal computation and the assessment was framed on book profit of ₹ 2.89, had held that even if the expenditure of ₹ 116.86 lakhs is disallowed, there would be no resultant change in the petitioner's tax liability since the petitioner had already paid much higher tax and had allowed the petition. It appears that the revenue has accepted the said decision and has not challenged the same before the higher forum. The learned counsel for the respondent has urged that the decision requires reconsideration. Having regard to the facts and circumstances of the case, as well as the fact that the revenue has accepted the said decision, the court doe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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