2012 (7) TMI 939

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....holding the order of the AO. 2. The learned CIT(A) erred in holding that the assessment was properly reopened under section 147 of the I.T. Act and when the stamp duty authority had determined the value of Rs. 7.41 Crores against Rs. 2.50 Crores considered by the appellant as consideration, the AO had reason to believe that income assessable to tax has escaped assessment. 3. The learned CIT(A) erred in not appreciating that without proper issue and service of notice u/s.143(2) within time stipulated under the Act, the order passed in pursuance thereto was bad in law and ab initio void. He erred in holding that issuing the notice u/s.143(2) was a procedural matter. 4. Despite specific provisions contained in Section 45(3) of the I.T. Act,....

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.... company on 31.10.2005 may be taken as the return filed in compliance to the notice under section 148 of the Act.The appellant company also requested the AO to furnish the reasons on basis of which assessment was reopened. AO issued notice under section 143 (2) on 06.10.2010 to the assessee calling for the details in support of the return filed. Assessment was finalised on 10.12.2010 determining the income of the assessee at Rs. 4.18 crores. 3. Appellant-company preferred an appeal before the First Appellate Authority (FAA). Assessee had raised effective 7 grounds before the FAA,but he dismissed all of them and upheld the order of the AO. 4. Before us, the Authorised Representative (AR) submitted that there was no escapement of income, t....

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....sue with regard to the applicability of section 292 BB has been deliberated upon and decided by the decision of the Special Bench in the case of Kuber Tobacco Products Private Ltd.(117 ITD273),that the provisions of the section 292 BB were applicable from the assessment year 2008-09,that the said provisions were not relevant for the assessment year under consideration, that in the matter of Aravali Engineers retrospective applicability of the section 292BB was not considered. 6. We have heard the rival submissions and have perused the material submitted by the representatives of both the sides. We are of the opinion that before deciding other grounds of appeal we should address the question of issue of notice u/s.143(2) of the Act. In othe....

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.... Motors Private Ltd. and Aravali Engineers (supra) objection, with regard to issuance of notice after the prescribed limit, was raised for the first time before the Tribunal. But, in the case under consideration, the assessee had raised the objection before the FAA and the issue was decided against the assessee-company by the FAA. The assessee has challenged the said adjudication of the FAA before us. In form number 36 filed by the assessee, it has been clearly mentioned that there was violation of provisions of section 143(2) of the Act. Thus, the facts of the case under consideration are different from the case laws relied upon by the DR. It is true that in the case of Hotel Blue Moon, the issue before the Hon'ble Supreme Court was about ....