2013 (12) TMI 549

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....Dhananjai Awasthi, learned counsel appearing for the department. Shri Suyash Agarwal appears for the respondent-assessee. This Income Tax Appeal filed under Section 260-A of the Income Tax Act arises from an order of Income Tax Appellate Tribunal, Agra Bench, Agra dated 19.7.2013 for the assessment year 2004-05. The appeal has been preferred by the department on following substantial questio....

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....d in law in misinterpreting the provision of Section 147/148 and the term "income escaping assessment.". We find that the ITAT has recorded a categorical finding in para-6, that the assessment was re-opened under Section 148 without there being any material. The assessment order was also not based on any existing material, but on assumption of state of things to exist for the reasons best known....

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....ot verify or examine the same. On examination of the balance sheet would make it clear that the assessee did not sell any flat in the assessment year under appeal, therefore, the reasons recorded by the AO for reopening of assessment was based on incorrect and non-existing facts. There was no evidence, document or material in possession of the AO to prove that the assessee had in fact sold any fla....

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....pening of assessment on the ground that the additions made by the AO are connected with the reasons as recorded to the construction business. The reasons given by the ld. CIT (A) are wholly vague and incorrect because reopening of assessment was made on the reasons of sale of flats, which are not connected with the additions made by the AO. Considering the above discussion, we are of the view that....