2015 (11) TMI 1002

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....herein are identical. For brevity, the facts are being extracted from ITA No. 419 of 2009. 2. This appeal has been filed by the assessee under Section 260A of the Income Tax Act, 1961 (in short "the Act") against the order dated 31.12.2008 (Annexure P-1) passed by the Tribunal in ITA No. 344/Asr/2008 for the assessment year 2003-04, claiming the following substantial questions of law:- (i) Whether in the facts and circumstances of the case the orders (Annexure P-1), (Annexure P-2) and (Annexure P-3) are legally sustainable? (ii) Whether in the facts and circumstances of the case the ITAT has grossly erred in upholding the order of the Assessing Officer and CIT(A) holding the amount of Rs. 22,15,00,000/- advanced as loan....

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....come. The assessment was completed under Section 143(1)(a) of the Act by the Assessing Officer vide order dated 20.1.2004 accepting the returned income. However, the assessment order was not served upon the assessee. Subsequently, the assessee filed a revised return on 31.3.2004 declaring business loss of Rs. 26,22,91,189/- and agricultural income at Rs. 1,94,830/-. The said revised return was processed under Section 143(1) of the Act at the declared loss on 15.7.2004 as is evident from the perusal of the assessment order passed in this case. A notice under Section 148 of the Act was issued on 10.5.2006 to the assessee for reopening the assessment already completed. Respondent No.2 being the Assessing Officer completed the assessment under ....