2008 (8) TMI 524

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....his appeal at the instance of the Revenue pertains to the assessment year 1996-97. The issue involved in this appeal centres around the question of reopening of the assessment proceedings of the assessee in respect of the said assessment year. 2. The original assessment was completed under section 143(3) of the Income-tax Act, 1961 and after an expiry of four years from the end of the assessmen....

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....ven to subsidiary companies/trusts. 3. Being aggrieved by the reassessment order that was framed by the Assessing Officer, the assessee preferred an appeal before the Commissioner of Income-tax (Appeals) who allowed the said appeal. The Commissioner of Income-tax (Appeals) recorded a finding that the initiation of proceedings under section 147 were itself invalid. He also recorded a finding tha....

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....me-tax (Appeals) and on both counts the Tribunal agreed with the Commissioner of Income-tax (Appeals). The Tribunal's findings are as under : "In the reasons so recorded for reopening the assessment, there is no allegation of the Assessing Officer that the assessee has failed to file his return under section 139 or in response to notice under section 142(1) or 148 of the Act, nor is there any a....

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....he effect that some shares were sold and pro-fits arising therefrom had not been declared in the income-tax returns. There was no mention of any particular material on the basis of which belief can be found that any income thereof has escaped assessment. In the reasons recorded, there is not even allegation regarding escapement of income in the case of the assessee company, DCM Ltd. the name of th....