AI OCR 
TaxTMI 
TaxTMI 
TaxTMI 
2017 (9) TMI 1778
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....tion 143(3) r.w.s. 147 of the Income Tax Act, 1961 ["Act" in short] and thereby sustaining the addition for both the assessment years. The assessee also challenged sustaining the interest charged under section 234B of the Act. 2. Brief facts of the case are that the assessee is engaged in the business of poultry farm. For the assessment year 2003-04, the assessee filed its return of income on 01.11.2004 admitting an income of Rs..7,000/-. The assessment was completed under section 143(3) of the Act on 03.05.2005 on a total income of Rs..19,400/-. Subsequently, a survey under section 133A of the Act was conducted on 18.02.2005. After survey proceedings, it was noticed that the assessee has not disclosed any income by way of sale of culled ....
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....he assessee at Rs..90,48,510/-. 3. The assessee carried the matter in appeal before the ld. CIT(A) for both the assessment years. Considering the facts and circumstances as well as submissions of the assessee, the ld. CIT(A) dismissed the appeal filed by the assessee for both the assessment years. 4. On being aggrieved, the assessee is in appeal before the Tribunal for both the assessment years. With regard to reopening of assessment, the ld. Counsel for the assessee has submitted that the reassessment was barred by limitation without any fresh materials in possession of the Assessing Officer for reopening the assessment already completed under section 143(3) of the Act by considering all the details furnished by the assessee including st....
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....3A of the Act on 18.02.2005 from Shri S. Periasamy, Managing Partner of the assessee firm while finalizing the assessment under section 143(3) of the Act, thereby income escaped assessment was not brought to tax by the Assessing Officer, which lead to reopening of assessment under section 147 of the Act. 5.1 With regard to the argument of the ld. Counsel for the assessee that the reassessment proceedings have been initiated after a lapse of four years from the end of relevant assessment year is bad in law is not acceptable, because, as per section 149(1)(b) of the Act, time limit upto 6 year is available for issue of notice under section 148 of the Act, where the income escaping assessment is likely to amount to Rs..1 lakh or more for the ....
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....aterials or without any enquiry into the materials which form part of the original assessment, section 34(1)(b) would have no application." 5.3 Subsequently, doubts were expressed with regard to proposition (2) afore-stated by the Hon'ble Court by its larger Bench in Indian & Eastern Newspaper Society v. CIT [1979] 119 ITR 996 (SC) in-as-much as the same also allowed reassessment in case of change of opinion, which, clearly, could not be as the Assessing Officer has no power to review his order. The Apex Court, per its larger bench decision in A.L.A. Firm v. CIT [1991] 189 ITR 285 (SC), again reviewed the matter and clarified that the proposition (2) in Kalyanji Mavji & Co's case (supra) was indeed widely expressed, as it would also includ....
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....ough was not been considered by him, at least in its relevant part. The issue of consideration of an aspect of the matter and formation of opinion in its respect, it may be appreciated, is essentially a matter of fact, the law only barring a change of opinion. Where, therefore, there is a live and clear nexus between the said information and the reasons to believe escapement of income, formed on that basis, the assumption of jurisdiction to reassess cannot be called into question as was sought to be canvassed before us. Thus, we hold that the entire assessment in this case is valid and therefore, the reopening of assessment is upheld for both the assessment years. 6. With regard to confirmation of additions of Rs..3,20,306/-, in the reasse....