2016 (9) TMI 254

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....ER The question of law sought to be urged in this appeal is as to the correctness of the order of the Income Tax Appellate Tribunal (ITAT) rejecting the assessee's cross-objection. The brief facts are that the assessee is engaged in the business of finance, investment and trading of shares. Its assessment for AY 2001-02 completed under Section 143(3) of the Income Tax Act, 1961 [hereafter "t....

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.... Ch. No. Amount 7-FEB-01 TO CLEARING CONST. CLL 865230 10,00,000/- 10-FEB-01 TO CLEARING CONSTELL.C AP 865253 10,00,000/- In view of the totality of facts and findings of the investigation report, the person who have given credit entry in this case, have been proved to be men/parties of no creditworthiness. Therefore the aforesaid credit entries are squarely h....

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....to the deletion of the amounts sought to be taxed under Section 68. The assessee's cross objection questioning the reopening of the assessment was, however, tersely dismissed without much discussion. It is urged by the assessee firstly that the requirements of proviso to Section 147(1), i.e. non disclosure by reason of failure on its part is not discernable in the reassessment notice having reg....

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....e Court has ruled that "tangible material" should be disclosed or forthcoming to persuade the AO to reopen the assessment and that the text of the statute in that regard as to the satisfaction that the assessee had failed to disclose particulars in the return which resulted in income escaping assessment, should be clear. In the present case, the opinion of the AO which is placed on the record d....