2021 (6) TMI 454

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....0/03/2015 by the ld. Dy. Commissioner of Income Tax, Central Circle 1(1), Mumbai (hereinafter referred to as ld. AO). 2. Though the assessee has raised several grounds of appeal before us both on merits as well as challenging the validity of reopening, it would be pertinent to address the preliminary issue of challenging the validity of assumption of jurisdiction u/s.147 of the Act. 3. We have heard rival submissions and perused the materials available on record. We find that assessee is a partnership firm engaged in the business of trading in diamonds. The original assessment was completed for the A.Y.2007-08 u/s.143(3) r.w.s. 153A of the Act determining the total income at Rs. 56,34,520/- vide order dated 27/12/2011. This assessment....

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....s. R.B. Wadkar reported in 268 ITR 332 (Bom). We have gone through the said judgment and the relevant operative portion of the said order is reproduced hereunder:- 20. The reasons recorded by the Assessing Officer nowhere state that there was failure on the part of the assessee to disclose fully and truly all material facts necessary for the assessment of that assessment year. It is needless to mention that the reasons are required to be read as they were recorded by the Assessing Officer. No substitution or deletion is permissible. No additions can be made to those reasons. No inference can be allowed to be drawn based on reasons not recorded. It is for the Assessing Officer to disclose and open his mind through reasons recorded b....