TMI Blog2020 (8) TMI 726X X X X Extracts X X X X X X X X Extracts X X X X ..... hether there were materials in the hands of the Assessing Officer for reopening the assessment. So the assessee is right in contending that the audit objection cannot be the basis for reopening. The Assessing Officer has not recorded any reasons as to why he came to the conclusion that the income chargeable to income tax has escaped assessment and what was the belief which led to issuance of notice under Section 148 of the Act. Factually, whether the assessee had produced the books of accounts and such other material as we find that the Tribunal did not consider these issues. We deem it appropriate to set aside the order passed by the Tribunal and remand the matter back to the Tribunal for fresh consideration. - T.C.A.No.821 of 2018 an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Tribunal was right in directing the Commissioner of Income Tax (Appeals) to adjudicate the issue on merits alone with regard to the addition made under Section 69 of the Income Tax Act, 1961, when the validity of the reassessment under Section 147 after completion of scrutiny assessment under Section 143(3) itself was challenged by the appellant before the Tribunal? And v. Whether, on the facts and in the circumstances of the case, the Tribunal was right in not holding that issue of notice under Section 147 and reassessment is not justified when proceeding under Section 154 is pending for the same assessment? 3. We have heard Mr.Salai Varun, learned counsel appearing for the appellant/assessee and M/s.V.Pushpa, learned Standing Co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , it was contended that the reassessment is void, since the Assessing Officer did not dispose off the objections raised by the assessee for the reassessment in their letter dated 27.06.2015 and followed the guidelines laid down by the Hon'ble Apex Court in G.K.N Drive Shaft India Ltd. Vs. ITO (2013) 259 ITR 19. 6. Further, the assessee also stated about the existence of books of accounts and submitted that the finding of the Assessing Officer that there were no books of accounts is incorrect. Further, it was contended that the entries relating to outstanding interest and bank interest which are also other additions made by the Assessing Officer in the assessment are entries relating to the firm which is assessed separately as an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he conclusion that the income chargeable to income tax has escaped assessment and what was the belief which led to issuance of notice under Section 148 of the Act. 9. Factually, whether the assessee had produced the books of accounts and such other material as we find that the Tribunal did not consider these issues. We deem it appropriate to set aside the order passed by the Tribunal and remand the matter back to the Tribunal for fresh consideration. 10. Accordingly, the appeal filed by the assessee is allowed and the order dated 22.06.2018 passed by the Income Tax Appellate Tribunal, 'A' Bench, Chennai, in I.T.A.No.111/Chny/2018, is set aside and the appeal is restored to the file of the Tribunal to hear the matter afresh and ..... X X X X Extracts X X X X X X X X Extracts X X X X
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