TaxTMI 
TaxTMI 
2012 (12) TMI 484
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.... of the case are that the assessee filed her return of income relevant to the assessment year 1997-98 on 31.10.1997 declaring income of Rs.12,32,500/- Along with the return, the assessee had filed Tax Audit Report in the prescribed form. An intimation vide letter dated 5.4.2000 along with a copy of the assessment order dated 27.03.2000 for the assessment year 1997-98 in the case of Shri N.P.V. Ramasamy Udayar (HUF) was received by the Assessing Officer of the assessee on 10.11.2000 from DCIT., Company Circle-I(1), Chennai stating that, out of Rs. 95,80,935/- alleged to have been received as gifts by the assessee on the occasion of her marriage on 15.9.1996 a sum to the tune of Rs.90,00,000/- were found to be unexplained. 3. The Assessing O....
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....lding that the Assessing Officer has validly assumed jurisdiction to reopen the assessment. 5. Ms. Anupama Shukla, representing the Department submitted that the original return was filed by the assessee on 31.10.1997. The information from DCIT., Company Circle-I(1) was received by the Assessing Officer on 10.11.2000 that the assessee had received gifts to the tune of Rs.95,80,935/- during her marriage. However, the assessee was able to explain source of gifts to the tune of Rs.5,80,935/- only. Therefore, addition of Rs.90.00 lakhs was made under the provisions of section 68 of the Act. The Assessing Officer in the order has specifically stated that the said amount was credited in the bank account of the assessee. 6. The learned D.R. furt....
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....e submitted that the CIT(A) has erred in holding that the Assessing Officer had no right to reopen the assessment under section 148. He submitted that after the amendment, no assessment whether made under section 143(1) or 143(3) can be reopened, unless the conditions stipulated for valid assumption of jurisdiction are satisfied. In order to support his contentions, he relied on the judgement of the Hon'ble Supreme Court of India in the case of DCIT Vs. Rajesh Jhaveri Stock Brokers Ltd., reported as 291 ITR 500. He further submitted that in respect of additions made during reopening proceedings, the Assessing Officer has made additions on the basis of the findings of the Assessing Officer in the case of N.P.V.Ramasamy Udayar(HUF) case. The....
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.... assessment although the amount of Rs. 90.00 lakhs was credited in the bank account of the assessee. Prior to the amendment, two conditions had to be complied with for initiating reassessment. After the amendment only one condition has to be satisfied i.e. the Assessing Officer has reasons to believe that any income chargeable to tax had escaped assessment. In the present case, the income chargeable to tax had escaped assessment in the hands of the assessee and was wrongly assessed in the hands of Shri N.P.V.Ramasamy Udayar, HUF, father of the assessee. As is evident from para 3.6 of the assessment order a sum of Rs. 90.00 lakhs was credited in the bank account of the assessee. Therefore, the CIT(A) had rightly deleted the additions made in....
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....N.P.V. Ramasamy Udayar (HUF) and the same information was used against the appellant to hold that Rs. 90 lakhs is unexplained gift u/s.68 of the Act. (b) The learned Assessing Officer has solely relied on the assessment order of NPV Ramasamy Udayar (HUF) for passing the order against the appellant and the same HUF assessment order was treated as forming part of the order by annexing along with the appellant's assessment order. (c) On the strength of those sworn statements, the learned Assessing Officer has passed the order in the case of the appellant but copies were not supplied to the appellant. (d) The learned CIT(A)-I has already given a finding that the learned Assessing Officer has not brought out enough material to hold that Rs. 9....