TaxTMI 
TaxTMI 
2018 (5) TMI 1376
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....oviding an adequate opportunity of being heard despite the fact that an application for adjournment of hearing was filed on 19/12/2012 which was not refused by the Ld. CIT(A). 2 . On the facts and circumstances of the case and in law the Ld. CIT(A) erred in confirming the Ld. A.O.'s action in reopening the assessment u/s. 147 of the Income Tax Act, 1961 3. On the facts and circumstances of the case an din law the Ld. CIT(A) erred in confirming the addition of Rs. 1,17,769/- on account of alleged interest income. 4. The appellant crave leaves to add, amend, alter modify and or withdraw any of the above grounds of appeal, which are without prejudice to one another." 3. At the outset, the learned counsel for the assessee did not pre....
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....entative of the assessee attended the hearings from time to time thereby submitting the details as called for. On perusal of 'Schedule J' of the balance sheet, the Assessing Officer observed that there was interest income of Rs. 15,26,135/- whereas, from the TDS certificates it was found that the assessee has received interest from various concerns amounting to Rs. 16,43,904/- and, thus, there is a difference of Rs. 1,17,769/-, which had escaped assessment. Accordingly, the same was added to the income of the assessee and the loss was determined at Rs. 41,98,830/- vide order dated 29.12.2011. In the appellate proceedings, the CIT(A) dismissed the appeal of the assessee on this technical issue by holding that there is new tangible material o....
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....n from the audit party constitute new tangible material and, therefore, the case is rightly re-opened by the Assessing Officer. As regards the change of opinion, the learned DR submitted that the TDS Certificates were not filed by the assessee before the Assessing Officer at the time of original assessment proceedings and, therefore, there cannot be any question of change of opinion. 7. We have heard the rival parties and carefully perused the material including the decisions cited by the learned DR. We find that the case has been re-opened on the basis of objections by the revenue audit party, which has been reproduced by the Assessing Officer in the third para of the reasons recorded that income has escaped assessment to the tune of Rs. ....
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....ter recording reason to believe that three items of income have escaped assessment, which are extracted in para 3 above. A perusal of the reasons to believe reveals that the records on the basis of reasons for re-opening were recorded were available before the AO even at the time of original assessment proceedings as is apparent from the statement of computation of total income placed at page 1 of the paper book and also fortified by the discussions by the AO himself in the original assessment order passed under Section 143(3) r.w.s. 153A of the Act dated 22.12.2008 in paras 4, 6, 27 and 31 of the original assessment order, a copy of which is placed in the record at pages 3 to 18 of the paper book. Thus we find that the AO has recorded the ....