2014 (12) TMI 764

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ee, an individual, and has quashed the reassessment proceedings on the ground that the jurisdictional preconditions specified in Section 147 of the Act were not satisfied for two reasons; firstly the assessee had made full and true disclosure of material facts that he had made investment of Rs. 1,66,23,750/- in the share capital of a company namely M/s Ishwar Dass Sahni & Brothers Ltd. Further this fact was raised and examined during the course of the original assessment proceedings and informed to the Assessing Officer in response to his query/questionnaire dated 17.05.2006. The Tribunal in this connection has quoted reply given by the assessee to question No.4 before the original assessment order was passed. 3. Learned Senior Standing ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... part of the assessee to disclose fully and truly all material facts necessary for his assessment. " 5. When we read the aforesaid grounds or reasons, it is apparent that the Assessing Officer had proceeded on the basis that the respondent assessee had not reflected investment of Rs. 1,66,23,750/- in his books and, therefore, addition under Section 69 of the Act was warranted. The Assessing Officer did not proceed or record the reason that M/s Ishwar Dass Sahni & Brothers Ltd. had not recorded this investment by the respondent assessee in their books of accounts. The plea now taken by the Revenue is contrary to the reasons recorded. 6. In the present case, the return of income originally filed was made subject matter of regular assess....