2019 (5) TMI 1787

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....ct'). The assessee has also filed appeals against consolidated order of CIT(A)-2, Kolhapur, dated 01.11.2017 relating to assessment years 2010-11 and 2011-12 against respective orders passed under section 143(3) of the Act. 2. This bunch of appeals relating to the same assessee on similar issues were heard together and are being disposed of by this consolidated order for the sake of convenience. First, we shall take up appeal in ITA No.232/PUN/2015, relating to assessment year 2007-08. 3. The assessee in ITA No.232/PUN/2015, relating to assessment year 2007-08 has raised the following grounds of appeal:- 1. On the facts and in the circumstances of the case and in law, the Commissioner of Income Tax (Appeals), Kolhapur [CI....

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....ng additional income) the source of the deposits thus stands fully explained, not calling for further addition by the ITO treating it as unexplained investment u/s 69. The appellant prays that the ITO be directed to delete the addition. 4. The assessee has also raised an additional ground of appeal which reads as under:- 1. On the facts and circumstances of the case and in law the assessment completed u/s 147 r.w.s. 143(3) by the A.O. and confirmed by Ld. CIT(A) is bad in law and without jurisdiction following the jurisdictional High Court-Bombay High Court judgment in CIT v. Jet Airways (I) Ltd. (2011) 52 DTR 71 dt. 12th April, 2010. As a matter of fact and law it was not an escaped assessment. The reopening of the ass....

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.... raised by way of additional ground of appeal is purely legal in nature and the same is admitted for adjudication. The assessee is aggrieved by the order passed under section 147 r.w.s. 143(3) of the Act. The reason for reopening the assessment was information received in respect of investment made in life insurance policies of Tata AIG Life Insurance Company Limited in the case of assessee and in the name of his wife. In para 2 of reasons recorded for reopening the assessment, the Assessing Officer talks of investment made pertaining to financial year 2006-07 in the aforesaid life insurance policies on 16.02.2007 of Rs. 15 lakhs. The Assessing Officer notes that on verification of Income Tax Return, it was seen that the said investment was....

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.... assessment by assessing or re-assessing such income and also any other income in the hands of assessee. However, where the Assessing Officer makes no addition on account of reasons recorded for reopening the assessment, then he is precluded from making any other addition on account of any other sources for which no reasons were recorded for reopening the assessment. 10. The Hon'ble Bombay High Court in CIT Vs. Jet Airways (I) Ltd. (supra) has laid down the aforesaid proposition, wherein they have elaborately discussed the significance of expression 'also' and held as under:- "23. In that view of the matter and for the reasons that we have indicated, we do not regard the decision of the Tribunal in the present case a....