2016 (2) TMI 693

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....med before the Assessing Officer that he received a loan of Rs. 10 lakhs from Shri N Krishnamurthy alias N Vaidyalingam. According to the ld. DR, the above said Shri N Krishnamurthy alias N Vaidyalingam is none other than the assessee's son. The Assessing Officer found that during the earlier assessment proceedings, the assessee claimed before the Assessing Officer that he has not received any loan from any one during the year under consideration. In view of the contradictory statement made before the Assessing Officer that he has not received any loan from any one on earlier occasion and subsequently he claimed that a sum of Rs. 10 lakhs was received as loan, the Assessing Officer doubted the explanation of the assessee and made additi....

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....either in the original assessment proceedings or in the present proceedings the assessee never claimed that he has taken any loan from any person. Therefore, the Assessing Officer is not justified in assuming that the assessee has availed a loan of Rs. 10 lakhs from his son which remains to be explained. The ld. Counsel further submitted that in the earlier round of litigation, this Tribunal remanded the matter back to the file of the Assessing Officer. In the meantime, the Assessing Officer reopened the assessment u/s 147 of the Act. According to the ld. Counsel, once the assessment was reopened, the earlier assessment would abate, therefore, the assessment made in the earlier assessment cannot continue. Hence, the assessee has filed cross....