2018 (5) TMI 1176

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....017 raising following questions for our consideration: "[A] Whether the Appellate Tribunal was right in law and on facts in admitting the additional ground challenging the reopening of assessment which was not raised earlier in assessment proceedings as well as before the CIT(A) and therefore was not emerging from the order of the CIT(A)? [B] Whether the Appellate Tribunal was right in law and on facts in quashing the reassessment order ?" 3. Respondent assessee is an individual and is a proprietor of one trading firm. For the assessment year 2009-10, the return filed by the assessee was accepted without scrutiny. To reopen such assessment, the Assessing Officer issued a notice. In order to issue the notice, he had reco....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....rgeable to tax has escaped assessment for the A.Y. 2009-10 due to the omission or failure on the part of the assessee to disclose fully and truly all material facts necessary for assessment. Thus, the case needs to be reopened by issuing notice u/s 148 of the I.T. Act, 1961." 4. The Tribunal by the impugned judgment held that the notice was invalid, against which view of the Tribunal, the Revenue has preferred this appeal. 5. Mrs.Bhatt for the department vehemently contended that Assessing Officer had sufficient material to enable him to form a belief that income chargeable to tax has escaped assessment. After verifying the information emerging from the record he was primafacie of the opinion that the assessee had shown purchases from....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....nformation contained list of allegedly bogus purchases made by various beneficiaries from Hawala dealers. Assessee was one of them. As per this information, he had made purchases worth Rs. 3.21 crores (rounded off) from such Hawala dealers during the financial year 2010-11. According to the Assessing Officer, this information 'needed deep verification'. 9. If on the basis of information made available to him and upon applying his mind to such information, the Assessing Officer had formed a belief that income chargeable to tax has escaped assessment, the Court would have readily allow him to reassess the income. In the present case however, he recorded that the information required deep verification. In plain terms therefore, the ....