9911796707
TMI Blog2022 (6) TMI 259X X X X Extracts X X X X X X X X Extracts X X X X ..... 3A read with 143(3) of the Act dated 29/12/2011 was passed at income of Rs. 3,65,75,000/- by making disallowance on account of unexplained cash credits of Rs. 3,50,00,000/-, on account of commission of Rs. 1,75,000/- and on account of unsecured loan of Rs. 14,14,00,000/-. Later, the case was selected for scrutiny u/s. 147 read with Section 148 of the Act. The notice u/s. 148 of the Act was issued on 26/02/2014, the representative of the assessee has participated in the assessment proceedings. The assessment order came to be passed on 20/03/2015 by making addition of Rs. 45,00,000/- on account of unexplained income from share applicants. As against the assessment order dated 20/03/2015 passed u/s. 148 read with 147 of the I.T Act, the assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not annulled the assessment without appreciating the objection of the appellant that the assessment was completed without issue of notice u/s. 143(2) of the Act. 2.3 Without prejudice to the contention raised in Ground No. 2 above, the reassessment proceedings and the Assessment Order need be quashed on the ground that as per the stand taken by the AO too, the objection has been disposed of on 11.03.2015 denying the appellant reasonable time to take remedial action against the said order of minimum 4 weeks required to be given having regard to the judgment in case of Asian Paints Ltd. 296 ITR 90 (Bom). 2.4 The Ld. CIT(A) has, on the facts and circumstances of the case and also in law, erred in upholding the assessment order and the reas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... submitted that, all the three additions have been deleted on merit by CIT(A) which has been confirmed by this Tribunal in ITA No. 565/Del/2014. The Ld. Counsel for the assessee further submitted that, the addition u/s. 153A has been made in the absence of any incriminating material found in the course of search proceedings. Therefore, submitted that the addition made by the Ld. A.O which has been confirmed by the Ld. CIT(A) is null and void. Further contended that, the assessee has discharged its initial burden as required under the Act to prove the nature and source of the cash credit of Rs. 45,00,000/- but the authorities erroneously taken adverse view against the assessee. 5. Per contra, the Ld. DR has relied on the orders of the Lower ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and other superior officers or an ITO of some other ward who may be vested with the relevant jurisdiction by virtue of orders issued under Section 120 (1) or Section 120 (2) of the Act will not make a difference to the above legal position. The reason is not far to seek. It is only the AO who has issued the original assessment order dated 13th April 2009 for AY 2007-08 under Section 143 (3) of the Act who is empowered to exercise powers under Section 147/148 to re-open the assessment. This is because he alone would be in a position to form reasons to believe that some income of that particular AY has escaped assessment. This again cannot be based on a mere change of opinion. Further, in terms of Section 151 of the Act such a move will have ..... X X X X Extracts X X X X X X X X Extracts X X X X
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