2016 (4) TMI 1365

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.... following question of law for our consideration :- "Whether on the facts and in the circumstances of the case, the Tribunal was correct in holding that there was no addition in respect of the issue on the basis of which the proceeding under Section 148 of the Income Tax Act, 1961 was initiated?" 3. On 31st March, 2005 the Assessing Officer issued a notice under Section 148 of the Act seeking to reopen the assessment for A.Y.1999-2000. The reasons has recorded in support of the impugned notice read as under:- "A tax evasion petition has been received in the office of DIT(IT), Mumbai which was forwarded to the undersigned on 30.3.2005. On going through the same and the relevant material on record, it is apparent that Bla....

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....INR (49,80,000 X 42.28) Rs. 21,05,54,400     Gross Total Income Rs. 22,98,57,173     Total Taxable Income Rs. 22,98,57,170"   5. The RespondentAssessee being aggrieved, carried the issue in appeal to the Commissioner of Income Tax (Appeals) (CIT(Appeals)). It was submitted by the RespondentAssessee that as no addition had been made in the order dated 20th March, 2006 of the Assessing Officer on account of any income received from Reliance Petrochemicals Ltd. i.e. the basis of the notice dated 31st March, 2005 under Section 148 of the Act. Therefore in the absence of the above, no other income can be brought to tax in the order passed on assessment. However, the CIT (Appeals) sustaine....