2015 (11) TMI 1815

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..... r the Respondent : Sh. A.S. Sriraman, Advocate ORDER PER N.R.S. GANESAN, JUDICIAL MEMBER: This appeal of the Revenue is directed against the order of the Commissioner of Income Tax (Appeals)-V, Chennai, dated 13.06.2013 and pertains to assessment year 2005-06. 2. Shri A.V. Sreekanth, the Ld. Departmental Representative, submitted that the only issue arises for consideration is with regard to .....

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..... be withdrawn under Section 47A(3) of the Act. Since the Assessing Officer had not considered this at the time of original assessment, the assessment proceeding was reopened by issuing notice under Section 148 of the Act within a period of four years. However, the CIT(Appeals) found that there was a change of opinion. Therefore, he found that the Assessing Officer has no jurisdiction to reopen the .....

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..... e Ld.counsel for the assessee, submitted that the assessee has furnished all the materials before the Assessing Officer. In fact, notice under Section 143(2) of the Act was issued at the time of original assessment calling for the names and address of shareholders who subscribed the numbers of shares applied and the amount paid, etc. The assessee has furnished all the details during the course of .....

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..... on, is not considered by the Assessing Officer at any point of time in the original assessment proceeding. Therefore, the Assessing Officer found that there was a difference in the allotment of shares. Hence, he issued notice under Section 148 within four years. As rightly submitted by the Ld.counsel for the assessee, there is no negligence on the part of the assessee. For reopening assessment wit .....

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..... d opinion that as the Assessing Officer has rightly reopened the assessment, the CIT(Appeals) has to dispose the appeal on merit on the basis of the grounds raised before him. Accordingly, the order of the CIT(Appeals) is set aside. The appeal is remitted back to the file of the CIT(Appeals). The CIT(Appeals) shall dispose the appeal on the basis of the grounds raised by the assessee before him. .....

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