2018 (10) TMI 1297

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....d facts are that the assessment was completed in both the years u/s 143(3) of the Income-tax Act, 1961 ("the Act"). However, subsequently, there were search operations conducted on the premises of one Shri Surendra Kumar Jain group of companies and after further enquiries, it was found that Surender Kumar Jain group provided accommodation entries to various beneficiaries with the help of several bank accounts opened in the name of several proprietary concerns and companies in which either he himself or his employees were directors/proprietor. After receiving information from the Directorate of Income-tax (Investigation) Unit-VI(2) to the effect that the assessee's name also appeared in the list of beneficiaries who had taken accommodation e....

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....liable to be quashed. By way of impugned order, the learned CIT(A) accepted the contention of the assessee on the question of law and allowed the same on three grounds, namely, firstly, the proceedings are bad for want of the approval or satisfaction of the Chief Commissioner or Commissioner of Income-tax as required under proviso (1) to Section 151 of the Act; secondly, no notice u/s 143(2) of the Act was issued before making the additions, as such, such defect being incurable, proceedings were liable to be quashed; and lastly, learned CIT(A) recorded that in cases of the reopening of the concluded assessment beyond the period of four years, the learned AO has to record a finding that because of the reason of the failure on the part of the....

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.... on merits and prayed to dismiss the plea of the assessee basing on technical grounds. Ld. DR heavily relied on the order of the Ld. Assessing Officer. 7. Per contra, it is the argument of the learned AR that admittedly, the Assessment Years are 2006-07 and 2007-08 whereas the notices u/s 148 were issued on 21.3.2013 and 6.3.2014 respectively, clearly beyond the period of four years, thereby taking the case within the mischief of the proviso to Section 151(1) of the Act. He further submitted that no evidence is produced to show that the notice u/s 143(2) was issued nor is there any finding of the learned AO that because of the failure on the part of the assessee to disclose fully and truly all material facts for the assessment, there was e....