TaxTMI 
TaxTMI 
2018 (4) TMI 10
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....) No reasons were recorded before the issue of notice u/s 148. (ii) No speaking order upon the objections of the appellant was passed, and if so it was not served upon the appellant. 2. That, without prejudice to the above, the learned CIT(A) was not justified in confirming the addition of Rs. 210158 u/s 69C of the Act, without considering the evidence of the appellant, which may kindly be deleted. 3. That, the learned CIT(A), was not jusitified on facts and evidence placed before him, in confirming the addition U/s 68 on a/c of cashcredits at Rs. 300000/-, which may kindly be deleted, 4. That learned CIT(A) grossly erred in arbitrary confirming the following additions made by learned A.O.:- (i) Rs. 50000/- in Trading A/c, me....
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....e reasons recorded for reopening of the assessment to the assessee. The assessee raised the objections against the notice u/s 148 of the Act which were disposed off by the AO vide separate order dated 29.11.2006 thereafter, reassessment was completed vide order dated 29.12.2006. The assessee challenged the action of the AO before the ld. CIT(A) but could not succeed. 3. Before the Tribunal the ld. AR of the assessee has submitted that reasons recorded by the AO are not sufficient to believe the income has escaped assessment within the meaning of section 148 of the Act. The ld. AR has thus submitted that even it can be taken as reason to belief that income has escaped assessment. The pre requisite condition of initiated proceedings u/s 148 ....
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....ed on 31.03.2006 to assessee the income chargeable to tax which has escaped assessment to the extent of purchases claimed from M/s Ambica Traders. Therefore, the notice issued u/s 148 of the Act in light of the assessment framed for the assessment year 2003-04 after making the verification and investigation of facts by the AO cannot be said without any basis or material to form the belief because the AO during the scrutiny assessment for the A.Y. 2003-04 come to the conclusion that the purchases made from M/s Ambica Traders are bogus transaction and it would constitute a tangible material to form the belief that the income assessable to tax in respect of the transaction of purchase from the same parties has escaped assessment. It is also pe....
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.... the nature of its business and details of the expenses towards market research. On November 15, 2006; the assessee was directed to furnish a justification and details of expenditure towards advertisements and sales promotion expenses. The assessee furnished the break-up of the expenses incurred towards advertisements and sales promotion and an order of assessment was passed under section 143(3). When the assessment proceedings for the assessment year 2005-06 were taken up, the Assessing Officer by his letter dated August 21, 2007 called up the assessee to furnish the ledger extracts of advertisements and sales promotion expenses/market research expenses. On November 26, 2008 a notice was issued to the assessee under section 142(1). The ann....
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.... benefited from the same to a certain extent. The Assessing Officer while passing the order of assessment for the assessment year 2005-06 came to the conclusion after considering the submissions of the assessee that of the total expenses that were incurred, 18.75 per cent, would be allowed in the hands of the assessee while the balance shall be held as expenditure incurred on the behalf of the foreign principal of the assessee and was liable to be disallowed in the hands of the assessee. In the present case, we are not concerned with the merits of the claim of the assessee in regard to whether the expenditure that was incurred was wholly and exclusively for the purpose of the business of the assessee. What is material is that on the basis o....
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....rt while passing a separate decision for the assessment year where the reopening of the assessment within 4 years held that reopening based on the assessment order of subsequent year is valid. Accordingly, in view of the facts and circumstances of the case that an identical issue was examined by the AO during the scrutiny assessment for the A.Y. 2003-04 in reassessment proceeding and consequently the initiation of proceeding for the reassessment for the year under consideration was initiated by the AO and in view of the decision of the Hon'ble Bombay High Court in case of Multiscreen Media P. Ltd. vs. Union of India (supra) I do not find any error or illegality in the reopening of the assessment under consideration. The decisions relied upo....