TaxTMI 
TaxTMI 
2019 (2) TMI 659
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....e case are that the petitioner is an individual assessee and is running a Proprietorship concern in the name and style of "M/s National Thread Manufacturing Company" at Kanpur. The original assessment order dated 05.05.2009 was passed under section 143(3) of the Act, in which a total income of Rs. 6,54,620/- was assessed to tax. It was alleged that a survey under section 133-A of the Act was conducted at the business premises of M/s Indian Overseas Trading Company on 23.10.2007 and it was found that in the partnership concern, the petitioner is one of the partners and also, the business as Proprietorship is run by him in the name and style of M/s National Thread Manufacturing Company from the same premises. The case of the petitioner was ....
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....aterial for initiating re-assessment proceedings against the petitioner, as at the time of passing of the original assessment order, the petitioner has disclosed fully and truly all material facts necessary for his assessment; hence, the present proceedings have been initiated only on the basis of a change of opinion, which is not permissible under the Act. It has further been argued that the proceedings under section 154 of the Act were initiated on the same fact as mentioned in the impugned notice and the proceedings under section 154 of the Act have already been dropped by the order dated 25.03.2014. Learned counsel for the petitioner submits that the alleged issue for initiating re-assessment proceedings has been decided twice by the r....
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....e respondent - Department has tried to rebut the contentions raised by the learned counsel for the petitioner. On perusal of the record, it would reveal that at the time of passing of the assessment order dated 05.05.2009, the then Assessing Authority has noted that there was certain difference in creditors' account and the assessee has given explanation that due to wrong posting done by the Accountant, the total amount of purchase made by him during the year, is much more than recorded. The said fact was confirmed by submitting the copy of the accounts of those party. On verification of the said documents produced by the petitioner, the Assessing Authority was satisfied that the total purchases were much more than the purchases found.....