TaxTMI 
TaxTMI 
2016 (5) TMI 407
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....nces of the case , erred on facts and in law in upholding the notice uls 147 I 148 of the IT Act and the order passed by the AO u/s. 148/143(3). 2. That the CIT(A) has failed to appreciate the fact that the notice uls 147/148 issued by the AO and the assessment order passed are illegal, bad in law, without jurisdiction and also barred by time limitation. 3. That the CIT(A) has in view of the facts and circumstances of the case, erred on facts and in law in upholding the notice uls 147/ 148 since this is a case of change of opinion and also no income had escaped assessment. 4. That the CIT(A) has in view of the facts and circumstances of the case, erred on facts and in law in upholding the notice uls 147 I 148 sinc....
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....e law to tax the same. 10.That the explanations given, evidence produced, material placed and available on record has not been properly considered and judicially interpreted and the same do not justify the additions/allowances made. In any case the additions upheld by the CIT(A) are highly excessive. 11. That the various observations made by the CIT(A) and the AO are illegal, bad in law and factually incorrect and based on surmises and conjectures." 2. The brief facts of the case are that the original return was filed on 1.11.,2014 declaring income of Rs. 3,53,850/-. The assessment was completed u/s. 143(3) at an income of Rs. 4,55,170/- on 28.12.2006. Subsequently, the case of the assessee was reopened u/s. 147. After ....
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....lhi to branch Pondicherry, which contain element of stock transfer from Delhi to branch Pondicherry and vice- versa. He further draw our attention towards page no. 46 of the Paper Book which is a written explanation filed personally before ITO ,Ward - 17(3) as well as one copy filed at counter on 30th April 2008 explaining the detail of sale which contain detail element of transfer of stock and credited in the books of accounts which has been accepted by the Department. He further pointed that that the notice issue u/s 148/147 is illegal and beyond the time limit of notice as per section 149 of IT Act. He further stated that AO has wrongly issued a notice u/s 147 on account of income escaping assessment when there is no reason to believe an....
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..... Kelvinator India 320 ITR 561 (SC) f) CIT vs. Orient Craft 354 ITR 536 6. On the other hand, Ld. DR relied upon the order of the Ld. CIT(A) and stated that the Ld. CIT(A) has passed a well reasoned order on the basis of the documentary evidence filed by the assessee as well as prevailing law. He further stated that Notice u/s. 148 has been issued after adopting the prescribed procedure under the law and with tangible material. Therefore, he stated that the question of quashing the reassessment does not arise. Accordingly, he requested that the Appeal filed by the Assessee may be dismissed. 7. We have heard both the parties and perused the records especially the orders of the Revenue authorities alongwith the Paper Book filed....
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....sment order. The detail chart of sale with stock transfer along with consolidate Audit balance sheet of Company head office Delhi and branch office / factory Pondicherry, which was dully filed during the assessment proceeding. The sale and stock transfer declare in the detail chart were dully verified from the Audit balance sheet of consolidated as well as individual of the company that is Head Office Delhi and branch office / factory Pondicherry. Even During the original assessment proceeding it was duly explained the difference in the stock transfer to branch and vice-versa and credited in the books of accounts There was difference of stock transfer to branch in the books of branch office which has shown credited their stock less by Rs. 2....
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....ovt. revenue which has been accounting in respective accounts as per excise act to claim MODVAT. In our considered opinion, this is a change of opinion case because the original assessment has been framed in the case of the assessee u/s. 143(3) of the I.T. Act on 28.12.2006, after making detailed enquiry and the AO has accepted the version of the assessee. Therefore, we are of the considered view that assessee had made full and true disclosure during the original assessment proceedings. We are also of the view that reopening had been done merely on change of opinion in as much as that in the original assessment made u/s. 143(3) of the I.T. Act. We also find that AO has no fresh material to form his opinion regarding escapement of assessment....