2015 (9) TMI 1417

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....d in confirming the action of the Assessing Officer of re-opening the assessment proceedings under section 148 of the Act which is bad-in-law and void-ab-initio. 2. On the facts and in the circumstances of the case and in law the learned CIT(A) erred in confirming the addition of the Assessing Officer of applying the provision of section 68 of the Act in the impugned case in respect of addition of ` 19,33,288, as unexplained cash credit." 2. As can be seen in ground no.1, the assessee has challenged the validity of re-opening of assessment under section 147 of the Income Tax Act, 1961 (for short "the Act"). 3. Briefly the facts relating to this issue are, the assessee, a Hindu Undivided Family (HUF), derives income from bank interest ....

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....g with the revised return of income, cash at hand shown by the assessee is at ` 19,33,288. The Assessing Officer, therefore, formed a belief that there was under assessment of income to the extent of ` 19,14,913, which necessitated initiation of action under section 147 of the Act. Accordingly, he issued a notice under section 148 of the Act to the assessee on 28th May 2008, calling upon the assessee to submit his return of income. In response to the notice under section 148, the assessee filed a return of income on 3rd August 2009, declaring total income of ` 52,49,800, as was shown in the revised return. As noted by the Assessing Officer, in the original return of income filed on 30th August 2005 and in the return of income filed in respo....

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....ciency of reason cannot be questioned. Relying upon some judicial precedent, the learned Commissioner (Appeals) upheld re-opening of assessment by the Assessing Officer. Being aggrieved on the aforesaid decision of the learned Commissioner (Appeals), the assessee is in appeal before us. 5. The learned Counsel for the assessee, referring to the reasons recorded by the Assessing Officer for re-opening the assessment, submitted before us, there was no fresh tangible material before the Assessing Officer for re-opening the assessment. He submitted, on the basis of the very same material on which the assessment under section 143(3) of the Act was completed originally, re-opening of assessment is nothing but a change of opinion. Further elabor....

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....on, some new tangible material which were not available at the time of original assessment so that it does not amount to change of opinion. For this purpose, it is essential to look at the reasons recorded for re-opening the assessment which reads as under:- "REASONS FOR REOPENING THE ASSESSMENT In this case the assessee has filed original return of income on 30.08.2002 for A.Y. 2005-06 declaring total income at ` 60,160. The return was processed under section 143(1) of the I.T. Act on 30.01.2006. I hereafter assessee filed revised return of income on 19.12.2007, declaring total income at ` 52,49,796. The assessment under section 143(3) was completed on 26.12.2007, assessing total income at ` 52,49,796. The assessment unde....