2018 (9) TMI 2022

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....al Member : This appeal has been filed by the Assessee against the order of Commissioner of Income Tax (Appeals), Valsad ('CIT(A)' for short) dated 13.05.2016 for the Assessment Year (A.Y) 2007-08. 2. The grounds raised by the Assessee read as follows: 1. ld. CIT(A), Valsad has erred in law and on facts to upheld the action of the AO to reopen assessment for AY 2007-08 without there being any r....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....filed return of income for FY 2006-07 pertaining to AY 2007-08 and the investment/transactions remain unexplained. The ld. AR vehemently pointed out that the assessee was having PAN number and he filed return of income for AY 2007-08 on 27.03.2008 copy of which has been placed at page 32 of the assessee's paper book. The ld. AR submitted that as per decision of Hon'ble Gujarat High Court dated....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....made sales/purchase of shares therefore, AO was right in initiating reassessment proceedings u/s. 147 of the Act and issuing notice u/s. 148 of the Act. However, the ld. DR could not controvert the fact that the assessee did file return of income for AY 2007-08 on 27.03.2008 declaring tax payable as Rs. 33,770/- which was acknowledged by the Dept. 5. On careful consideration of above rival submis....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... that the assessee had never filed the return and in fact, it was filed. Therefore, we are inclined to hold that the initiation of reassessment proceedings u/s. 147 of the Act and notice u/s. 148 of the Act and all subsequent proceedings and orders have been issued, conducted and passed without having valid jurisdiction therefore, the same are bad in law and hence, we quash the same. Accordingly, ....