2017 (1) TMI 1148

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....onsideration : (i) Whether on the facts and in the circumstances of the case and in law, the Tribunal was right in law in setting aside the notice u/s 148 holding the reassessment proceeding invalid? (ii) Whether on the facts and in the circumstances of the case and in law, the Tribunal was right in deleting addition of Rs. 1,70,94,000/?" 3. Regarding question (i) : (a) Consequent to search action on 30th November, 2007, the Assessment Order for the subject assessment year was completed on 24th December, 2009 under Section 143(3) r/w Section 153A of the Act. The above order determined the total income at Rs. 7.77 crores. (b) On 22nd September, 2010, the Assessing Officer issued a notice under Section 148 of the Ac....

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....essee's appeal inter alia holding that the information received from Revenue authorities at Nashik did not call for reopening of the assessment. Thus, upholding the order dated 30th December, 2011 of the Assessing Officer. (e) Being aggrieved, the respondent assessee carried the issue in appeal to the Tribunal. The impugned order of the Tribunal records the fact that the document on the basis of which the reopening notice has been issued was found in course of search carried out on third party viz. Ashoka Buildcom Ltd. The document obtained itself was bereft of any particulars, in as much as, it does not contain the names of the purchasers nor the name of the assessee, further it is neither signed nor dated. On receipt of the above d....

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....t on the respondent assessee. This assessment was a result of the search on respondent assessee in March, 2008 inter alia in respect of suppression of sale consideration. In fact, the three buyers i.e. Mrs. Asha Katariya, Mr. Satish Parakh (Individual) and Mr. Satish Parekh (HUF) had all in their statements recorded on 10th March, 2008 u/s 131 had stated that they did not pay any consideration in excess of that recorded in the agreement. Therefore, this itself is evidence of the 'onmoney' in respect of the three flats was subject to enquiry leading to order dated 23rd December, 2009. Further, we find that the Assessing Officer has proceeded on the basis of the documents obtained during the course of the search on third parties were ....