2015 (10) TMI 1374

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....ated 2nd November 2011 passed by the learned CIT(A), in the matter of assessment under section 144 r.w.s. 147 of the Income Tax Act, 1961, for the assessment year 2001-02. 3. We have to be take up a preliminary and foundational aspect first, which goes to the root of the validity of the impugned reassessment order and on which both the parties have been heard. The issue is this. According to the learned counsel for the assessee, no additions have been made in respect of the grounds set out in the reasons recorded for reopening he assessment, and, therefore, no other additions could also have been made in the course of this reassessment. The contention of the assessee is that in a situation in which additions are not made in respect of th....

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.....00 -do- -do-/226   1,50,000 29.12.00 SB, Patiala -do-/333   3,00,000 29.02.01 Cl. Balance     37,80,000       Total 75,60,000 I have examined and have reasons to believe that income chargeable to tax amounting to Rs. 75,60,000 has escaped assessment for AY 2001-02 To assessee/ reassess such income, I propose to* issue notice under section 148 of the Income Tax Act, 1961. Sd/xx Subject to approval 5. Aggrieved, inter alia, by the reopening of assessment proceedings, the assessee carried the matter in appeal before the CIT(A) but without any success. Learned CIT(A) upheld the validity of the reassessment proceedings. The assess....

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....the assesee's taxable income, it is not open to him to independently assess some other income. Their Lordships have added that, "If he intends to do so, a fresh notice under s. 148 would be necessary, the legality of which would be tested in the event of a challenge by the assessee" In the present case, seemingly no additions have been made in respect of the items set out in the reasons for reopening the assessment, as reproduced earlier in this order, and yet the Assessing Officer has made several other additions to income. However, as a measure of abundant caution, we remit this limited aspect of verification of facts to the file of the Commissioner (Appeals). He has to examine validity of reopening of assessment afresh, in the light ....