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TMI Blog2022 (6) TMI 187X X X X Extracts X X X X X X X X Extracts X X X X ..... x Act, 1961 on the basis of search action u/s. 132 of the Income Tax Act, 1961 in the case of "Marvel Group". Under such situation, Learned Assessing Officer ought to have preceded u/s. 153C of the Income Tax Act, 1961, the action of reopening the assessment u/s. 147 is thus, bad in law and deserves to be struck down. 2. On the facts and in the circumstances of the case and in law, the Learned Assessing Officer have erred in reopening the assessment u/s. 147 of the Income Tax Act, 1961 by disregarding appellant objection in which it was categorically pointed out that presumption of alleged escapement of income does not exist when it was clarified that there was no transaction of the appellant with the said "Marvel Group", in the impugned ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 05.2006 to Marvel Group at the time of booking of flat, the Assessing Officer formed an opinion that the income had escaped assessment to tax and, accordingly, issued a notice u/s. 148 on 19.03.2012. In response, it was submitted that the original return of income filed be treated as return of income in response to notice u/s. 148 of the Act. Against the said return of income, the assessment was completed by the Tax Recovery Officer, Range-2, Pune ('the Assessing Officer') vide order dated 25.03.2013 passed u/s. 143(3) r.w.s. 147 of the Act after making an addition of Rs. 10,00,000/- on account of alleged payment of on-money consideration to Marvel Group at the time of booking of Flat No. 701 on 11.05.2006. Briefly, the factual ma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the course of search of a third party, therefore, the jurisdiction to assess the escaped income can only be u/s. 153C not u/s. 147 of the Act. 7. Having heard the ld. Counsels of both the parties at length, it is suffice to hold that the appellant had not proved the existence of conditions precedent for exercise of jurisdiction u/s. 153C of the Act. Therefore, the question of jurisdiction to assess the escaped income under the provisions of section 153C does not arise. Therefore, we hold that the Assessing Officer was justified in initiating the re-assessment proceedings u/s. 147 of the Act. Thus, the ground of appeal no. 1 and 2 stands dismissed. 8. Ground of appeal no. 3 challenges the action of the lower authorities in bringing to tax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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