TMI Blog2020 (12) TMI 681X X X X Extracts X X X X X X X X Extracts X X X X ..... sed by the Commissioner of Income Tax (Appeals) has been set aside without assigning any cogent reasons. Therefore, in the peculiar facts of the case, we deem it appropriate to quash the order of the tribunal and to remit the matter to decide the issue with regard to reopening of the assessment afresh by a speaking order. - I.T.A. NO.112 OF 2016 C/W I.T.A.NO.113 OF 2016 - - - Dated:- 14-12-2020 - HON BLE MR. JUSTICE ALOK ARADHE AND HON BLE MR. JUSTICE H.T. NARENDRA PRASAD Appellant (By Sri. Ashok A Kulkarni, Adv.,) Respondent (By SRI.K.V. Aravind, Adv.) COMMON JUDGMENT ALOK ARADHE J., These appeals under Section 260A of the Income Tax Act, 1961 (hereinafter referred to as the Act for short) has been prefe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt under Section 143(3) of the Act and allowed the deduction claimed under Section 80-IA of the Act. Thereafter, notices dated 25.03.2004 and 15.03.2005 were issued under Section 148 of the Act, by which re assessment proceedings were initiated and the assessee was asked to file the returns in respect of the Assessment Years in question. The assessee in response to the aforesaid notice, filed the return of income declaring the same returns of income, which was initially declared. 3. The Assessing Officer by orders dated 30.08.2006 and 15.03.2006 inter alia held that the assessee was dealing in imported spare parts and the income arising out this trading act was included in the claim made under Section 80-IA of the Act. The Assessing Offi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ommissioner of Income Tax (Appeals) was set aside. Admittedly, the re-assessments were made after a period of four years from the end of respective Assessment Years and therefore, the proviso to Section 147 of the Act was clearly applicable to the fact situation of the case. In support of aforesaid submission, reliance has been placed on decision of the Supreme Court in 'CIT VS. KELVINATOR OF INDIA LTD', 320 ITR 561 and 'ACIT VS. ICICI SECURITIES PRIMARY DEALERSHIP LTD., 348 ITR 299 . 5. On the other hand, learned counsel for the revenue submitted that assessment for the Assessment Year 1997-98 was reopened under Section 148 of the Act on the basis of information regarding wrong claim made by the assessee available and det ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... caped assessment for such assessment year by reason of the failure on the part of the assessee to make a return under section 139 or in response to a notice issued under sub-section (1) of section 142 or section 148 or to disclose fully and truly all material facts necessary for his assessment, for that assessment year: 7. The Commissioner of Income Tax (Appeals) for the Assessment Year 1996-97 had dealt with the issue of reopening and the aforesaid order was upheld in appeal by the tribunal. Being aggrieved,, the assessee had filed I.T.A.No.648/2007 and the order of the tribunal was upheld. However, it is pertinent to mention here that there was no specific finding with regard to validity of re opening of the assessment. This court i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 97,122/-. 9. However, the tribunal vide impugned order held as follows: Thus the Hon'ble jurisdictional High Court had upheld the re-opening done for Assessment Year 1996-97. The re-openings done for assessment years 1997-98 1998 99, which are impugned also emanate from the same set of facts and circumstances. We are therefore, of the opinion that the CIT(A) fell in error in holding the re-assessment to be invalid. We set aside the order of the CIT(A) in this regards. Ground No.2 of the revenue stands allowed. 10. Thus, it is evident that from the judgment passed by this court in I.T.A.No.648/2007, the issue with regard to reopening of the assessment proceedings did not emanate. The tribunal has dealt with the aforesaid ..... X X X X Extracts X X X X X X X X Extracts X X X X
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