TaxTMI 
TaxTMI 
2020 (9) TMI 428
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....o. 2 to 10 the assessee has challenged the additions made u/s. 68 of the Act on merits. 4. Representatives of both the sides were heard at length case record carefully perused with the assistance of the counsel we have considered the relevant documentary evidence brought on record. 5. Briefly stated the facts of the case are that the assessee filed original return of income on 27.07.2011. A search conducted at the premises of the assessee on 22.03.2012 and the assessment was framed u/s. 153 A of the Act vide order dated 28.02.2014. 6. On 31.03.2016 notice u/.s. 148 of the Act was issued and served upon the assessee. The reasons for reopening the assessment read as under:- 7. A perusal of the above show that the completed assessm....
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....utation of income which were filed with the return of income in response to notice issued u/s. 153 A of the Act. 12. We have carefully perused the assessment order framed u/s. 153 A of the Act and we find that no adverse inference was made to the returned income of the assessee when the AO was fully aware of the long term capital gains claimed as exempt from tax. 13. In our considered view while assuming jurisdiction u/s. 147 of the Act the AO merely acted on suspicion and we cannot say that he had "reasons to believe". 14. In the garb of reassessment proceedings the AO sought to verify the same details on the strength of material which was already available on record. Duly considered and verified in the course of proceedings u/s. 153 A ....
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....Act more particularly from Sections 147 to 153 of the Act pertaining to reassessment. and the special procedure for assessing the undisclosed income of the block period under Chapter XIV-B of the Act are not only separate and distinct from each other. but if an effort is made to incorporate the scheme under Chapter XIV of the Act for the purpose of assessment of the block period there is a conflict between the provisions which becomes apparent on a plain reading. In the circumstances. as per the established rules of interpretation. unless and until a plain reading of the two streams of assessment procedure does not result in the procedures being independently workable, only then the question of resolving the conflict would arise. But to t....
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....d mentioned elsewhere the AO observed that income of Rs. 76.33 lacs has not been offered to tax in the return of income for A. Y.2011-12 whereas as mentioned elsewhere in all his return of income which clearly mentioned income claimed to be exempt u/s. 10 (38) as mentioned elsewhere the same was thoroughly examined after search operations at the premises of the assessee and after thorough examination the assessment was framed u/s. 153 A of the Act, therefore, in the light of the decision of the Hon'ble Gujarat High Court (supra) we are of the considered view that reopening of the assessment which was framed u/s. 153 A of the Act is bad in law. 16. At para -11 of his assessment order the AO concluded as under :- "In view of the above disc....