TMI Blog2020 (9) TMI 280X X X X Extracts X X X X X X X X Extracts X X X X ..... as escaped the assessment on account of failure of the assessee to disclose all material acts fully and truly. Therefore, reassessment is not sustainable. - Decided in favour of assessee. - ITA No. 1410/Ahd/2015 - - - Dated:- 11-8-2020 - SHRI RAJPAL YADAV, VICE-PRESIDENT AND SHRI WASEEM AHMED, ACCOUNTANT MEMBER Assessee by : Shri S.N. Soparkar, Sr.Adv. and Shri Himanshu Shah, AR Revenue by : Shri Vinod Tanwani, Sr.DR ORDER PER RAJPAL YADAV, VICE-PRESIDENT Assessee is in appeal before the Tribunal against order of the ld.CIT(A)-9, Ahmedabad dated 18.3.2015 passed for the Asstt.Year 2005-06. 2. Present appeal was decided by the Tribunal alongwith ITA No.1388/Ahd/2015 for the Asstt.Year 2007-08 on 29.3.2019. Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of hearing of this Misc. Application, service of notice upon the assessee is dispensed with. 3. In this background, we heard the ld.representatives for both the sides. Brief facts of the case are that the assessee has filed its return of income on 31.10.2005 declaring total loss at ₹ 12,35,64,127/-. The assessment order was passed on 17.12.2007 under section 143(3) of the Act determining total income at NIL. Thereafter, the assessment proceedings were reopened, and reassessment order was passed on 29.12.2009 determining total income at ₹ 688,10,30,890/-. The ld.counsel for the assessee submitted that again a notice under section 148 was issued on 13.5.2011. The reasons for reopening second times are placed on page no.7 of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Income-Tax Circle-5, Ahmedabad. 4. The ld.counsel for the assessee further contended that in the case of assessee, a scrutiny assessment was passed under section 143(3) on 17.12.2007. The assessment was reopened and order under section 143(3) r.w.s. 147 was passed on 29.12.2009. The AO sought to reopen second time through a notice dated 13.5.2011 issued under section 148. This notice has been issued after four years from the end of relevant assessment year, and proviso to section 147 safeguards interest of the assessee in such reopening. The assessment after four years in the cases, where original scrutiny assessment was made under section 143(3) can be reopened if the assessee failed to disclose all material facts fully and tr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessment year. A perusal of the reasons extracted (supra) would indicate that nowhere the AO has made out that the income has escaped the assessment on account of failure of the assessee to disclose all material acts fully and truly. Therefore, reassessment is not sustainable; ground No.2 and 3 are allowed, and the re-assessment order is quashed. 7. It is pertinent to note that in the MA the assessee sought to recall the order passed by the Tribunal dated 29.3.2019 to the extent it failed to adjudicate two grounds of appeal; but the Tribunal has recalled complete order. In this background, we are bound to adjudicate the issue on merit also. After going through the record, we reiterate the finding of the Tribunal rendered on the merits of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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