2001 (4) TMI 741

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....quashing the assessment order framed under section 143(3) of the Income-tax Act, 1961." 3. The assessee has taken the following grounds in C.O. No. 30 (Asr.) of 1998 :- "1. That the CIT(A) has rightly quashed the assessment proceedings and has rightly placed reliance on the case reported at [1989] 180 ITR 319 (P&H). 2. That the CIT(A) has erred in not adjudicating the following grounds of appeal : (1) That the Assessing Officer has erred in assessing the income at Rs. 1,01,210 because : (i)The estimate of Rs. 25,000 as income from property dealing is without any material. (ii)The Assessing Officer has erred in not appreciating that the deceased had devoted his whole life as property dealer and had no asset except what is r....

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....on 8-9-1993. The reasons recorded by the Assessing Officer for the issuance of notice were as under :- "As per order under section 132(5) dated 20-7-1993 passed in the case of the assessee, an income of Rs. 1,24,000 for the above assessment year has escaped assessment. Hence notice under section 148 is being issued to call for the return of income and to assess the same to tax." The assessee filed the return of income on 14/15-11-1994, in response to the notice issued under section 148 of the Act declaring total income of Rs. 19,360. The Assessing Officer after considering the assessee's explanation and on the basis of documents found from the assessee's residential premises estimated the income from property at Rs. 25,000. The assess....

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....eedings and consequently, no addition of Rs. 1,24,000 was made in the assessment order. (vii)that as the reasons for which the assessment was re-opened under section 147 found not to exist, the assessment proceedings should have been vacated by the Assessing Officer as per the decision of the Hon'ble Punjab and Haryana High Court in the case of CIT v. Atlas Cycle Industries [1989] 180 ITR 319. After considering the aforesaid submissions of the assessee, the learned CIT(A) quashed the assessment order dated 27-3-1996 following the decision of the jurisdictional High Court in the case of CIT v. Atlas Cycle Industries [1989] 180 ITR 319 (Punj. & Har.). 6. We have heard the learned representatives of both the parties. After hearing the....