TMI Blog2018 (3) TMI 1827X X X X Extracts X X X X X X X X Extracts X X X X ..... issuing notice u/s 148 were considered, as such, the reopening of the proceedings for the very same purpose is bad in law - Appeal of the revenue is dismissed. - I.T.A. No.4772/Del/2014 - - - Dated:- 22-3-2018 - Shri G.D. Agrawal, Hon ble President And Shri K. Narasimha Chary, Judicial Member Appellant by: Shri Ravi Kant Gupta, Sr. DR Respondent by: S/Shri Anil Goel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ned loss. However, by way of notice dated 30.3.2012 u/s 148 of the Income-tax Act, 1961 (for short the Act ), the AO recorded the following reasons: The assessment u/s 143(3) of the I.T. Act was completed on 11/11/2009 at loss of ₹ 5,48,38,652/- i.e. the returned loss. On examination of the assessment record, it is noticed that the assessee had claimed in its Profit and Loss acco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ready filed during the course of original assessment. It was further submitted by the assessee that since the interest has been paid on the borrowed amount utilized for the purpose of business, no adverse inference was required to be made. However, learned AO proceeded further and made an addition of ₹ 5,22,58,437/- by disallowing the interest. 4. Assessee carried the matter to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d, it was noticed that the assessee had claimed in its profit and loss account, a sum of ₹ 5,22,58,437/- under the head interest paid . It is, therefore, clear that in respect of the very same aspect which was considered earlier by way of questionnaire dated 3.9.2009, and the learned AO issued notice u/s 148 of the Act. 6. Learned AR placed reliance on the decision of the Hon ble ..... X X X X Extracts X X X X X X X X Extracts X X X X
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