2015 (10) TMI 2481

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.... PER G.D. AGRAWAL, VICE PRESIDENT: This appeal by the assessee is directed against the order of the Learned Commissioner of Income-Tax (Appeals), Ahmedabad-5 dated 12.01.2015 for Assessment Year 2006-07. 2. The first ground of the assessee's appeal reads as under: "The Ld. CIT(A) erred on facts and in law in confirming action of Assessing Officer in issuing notice u/s 148 and in ma....

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....sessing Officer in writing and the case was re-opened after taking prior approval of the competent authority. However, considering your request, the gist of; the reasons as recorded by the Assessing Officer regarding reopening the case u/s. 148 of the IT. Act is mentioned here under:- "The Search & Seizure action, carried out by the Department on 25.11.2009 in the group case of M/s. Mahas....

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....kshi which was known as Mahasagar Securities Ltd. which is totally unverifiable transaction as the controlling person namely Shri Mukesh M. Chokshi himself admitted in his statement recorded on oath u/s. 131 on 16.01.2013 by Shri P. S. Naik, CIT, Central- 46, Mumbai recorded. On deep scrutinized of the data/details received in this office it is ascertain that you have also involved for taking unve....

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....pened the assessment for the purpose of verification of the certain transactions. In our opinion, when the Revenue wanted to verify the correctness of certain transactions, the proper course is to issue the notice u/s 143(2) within time. If the Revenue failed to issue notice u/s 143(2), it cannot resort to section 148 for the purpose of verification of certain transactions. Notice u/s 148 can be i....