2018 (6) TMI 35

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....Respondent : Mr.N.Quadir JUDGMENT: T.S.Sivagnanam,J Heard the learned counsel for the appellant and the learned counsel for the respondent. 2. This appeal by the Revenue is directed against the order passed by the Income Tax Appellate Tribunal in ITA.No.651/Mds/2001 dated 13.10.2006, confirming the order passed by the Commissioner of Income Tax (Appeals) setting aside the reopening of ....

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....he assessment for the said year was originally completed under Section 143(3) of the Income Tax Act, 1961 on 29.3.1993 and was reopened by issuing notice under Section 147 of the said Act in the year 1997. The reason for reopening the assessment was based upon a report submitted by the Departmental valuer. 4. The assessee resisted the reopening proceedings by contending that the assessment was ....

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....der dated 27.11.2000, allowed the appeal and set aside the reopening. The Commissioner of Income Tax (Appeals) referred to the decision of this Court in the case of Fenner India Limited Vs. Deputy CIT [reported in 241 ITR 672] wherein it has been held that the notice under Section 148 of the said Act must record reasons for reopening and as to how the assessee failed to disclose material facts. ....

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....f the said Act based upon the valuation report of an approved valuer. After about seven years, an inspection appeared to have been conducted by the Departmental valuer and this is sought to be put against the assessee to state that there is a difference in value and this amounts to unexplained investment. We do not agree with the reasoning given by the Assessing Officer while completing the assess....