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TMI Blog2019 (3) TMI 1658X X X X Extracts X X X X X X X X Extracts X X X X ..... e Learned Assessing Officer has erred in law and on facts in initiating reopening assessment proceedings by issuing notice u/s 147/148 and finalising the assessment us 143(3)/r.w.s. 147. (2) The learned Assessing Officer has erred in law and on facts in passing the order dt. 28/08/2014 : (i) By rejecting the objects raised by the assessee against reasons recorded for reopening u/s 148 and (ii) In not considering the submissions that the reopening is on some other officer's information and not that of the Assessing Officer issuing notice and Hon.CIT in rejecting the above submissions of the assessee. (3) The Learned Assessing Officer has erred in law and on facts in not considering the evidences produced and on record in resp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te, and, in response to our specific question, learned Departmental Representative specifically confirmed this position. 4. The short question that we need to address ourselves to is whether, on these undisputed facts, reopening proceedings, to assessee income escaping assessment, can be legally sustained. The authorities below have held that the impugned reassessment proceedings are valid and lawful. 5. Having heard the rival contentions and having perused the material on record, we find that the legal position is well settled, in this respect, by Hon'ble jurisdictional High Court's judgments in the cases of India Gelatine & Chemical Industries Ltd vs. ACIT (364 ITR 649), MottoTiles Pvt Ltd vs. ACIT (386 ITR 280) and PKM Advisory ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e 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." 6. Respectfully following the esteemed views of Hon'ble jurisdictional High Court, we hold that the reassessment proceedings were vitiated in law, and we quash the reassessment itself. All other issues, in the light of this conclusion and for this short reason, are rendered academic and not requiring any specific adjudication at this stage. 7. In the result, the appeal is allowed in the terms indicated ..... X X X X Extracts X X X X X X X X Extracts X X X X
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