2013 (6) TMI 719

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....s, D.R. For the Respondent: Shri Abhinav Mehrotra, Advocate ORDER PER SUNIL KUMAR YADAV: This appeal is preferred by the Revenue against the order of CIT(A) on a solitary ground that CIT(A) has erred in quashing the assessment order passed by the Assessing Officer holding action u/s 147 of the I. T. Act as invalid placing reliance on various case laws. 2. The facts, in brief, borne ....

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....s. 5,01,250/- on 20/08/2004 from Jai Lakshmi Cooperative Bank Ltd., Fatehpuri, Delhi. It was contended by the assessee that the assessee is not maintaining any account with the aforesaid mentioned bank for purchasing the draft in excess of Rs. 50,000/-. He accordingly asked the Assessing Officer to furnish bank statement etc. He also objected to the reopening of the assessment as it was done witho....

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....one through the various case laws cited by the AR for the appellant and perused the assessment order. It is seen that the Assessing Officer after receipt of ADI report in note form issued notice u/s 148 of the IT Act without verifying the contents thereof and this is a case of borrowed satisfaction. There had been no statement of so called donor with the ADI, at the time of forwarding the report n....

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.... 4. CIT vs. Atul Jain (2007) 164 Taxman 33 (Del.) 5. CIT vs. Pradeep Kumar Gupta (2007) 207 CTR 115 (Del.) Thus in the totality of the facts and circumstances of the case, the action taken by the Assessing Officer u/s 147/148 is not maintainable and the same is quashed. Accordingly the assessment order passed by the AO is annulled. Since reassessment is annulled on the basis of reasons itse....