2013 (12) TMI 14

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....ent judgments and orders passed by the Income Tax Appellate Tribunal, Lucknow on 28.12.2005 in I.T.A.Nos.378, 409, 408/Luc/2005, for the assessment years 1996-97; on 16.03.2007 in I.T.A.No.1193/Luc/2006, for the assessment year 1998-99; and on 19.05.2006 in I.T.A.No.43/Luc/06, for the assessment year 1997-98. The facts and circumstances in all the appeals are identical. Hence, all the appeals are disposed of by this consolidated order for the sake of brevity. All the appeals were attached to I.T.A.No.171 of 2006, where a Coordinate Bench of this Court has admitted the appeal on the following substantial questions of law:- 1. Whether on the facts and in the circumstances of the case the Hon'ble ITAT was justified in law in upholding th....

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....Section 147 was initiated in the case of Sri Gautam Rastogi for the assessment year 1995-96 and 1996-97 to club the impugned income under Section 64(2) of the Act in his hands. However, the assessee contended that he was not the exclusive contributor to the corpus of the entity nor was he exclusive owner of the assets. After having the explanation from Sri Gautam Rastogi, proceedings under Section 147 were dropped in the case of both the HUF and the assessment order was passed in the status of AOP. Being aggrieved, the assessee has filed the appeals before the CIT(A), who has allowed the claim of the assessee and quashed the assessment orders on the ground that each assessment was reopened on the basis of "change of opinion" and was inva....

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.... is not genuine. So, the income was assessed in the hands of Sri Gautam Rastogi in his individual capacity. Accordingly, the proceedings under Section 147 were initiated in the case of Sri Gautam Rastogi for the assessment years 1995-96 and 1996-97 to club the impugned income under Section 64(2) of the Act in his hand. However, the proceedings under Section 147 were dropped and the A.O. initiated the fresh proceedings under Section 147 for making assessment in the status of AOP. The CIT(A) observed that it is a clear case for "change of opinion". From the record, it appears that the assessee has disclosed all the material facts and on the basis, the assessment had been made. No relevant material was brought by the A.O. for changing the s....