2022 (2) TMI 397

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....e : Mr. Asok Bhowmik, Adv. ... for the appellant Mr. Avra Mazumder, Adv...for the respondent The Court : We have heard Mr. Asok Bhowmik, learned standing counsel for the appellant/revenue and Mr. Mazumder, learned Counsel appearing for the respondent/assessee. There is a delay of 299 days in filing this appeal. We are satisfied with the reasons given in the affidavit filed in support o....

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....g himself about the facts of the case? 2. Whether the order of Learned Income Tax Appellate Tribunal erred in forming the opinion based on the date of issue of notice u/s 143(2) of the Income Tax Act, 1961 on 24.02.2016 instead of actual issuing date on 31.03.2016 and invalidating the said notice and assessment order? We have heard Mr. Asok Bhowmick, learned Standing counsel for the ap....

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....ns recorded for reopening of the assessment and the reason for initiating proceedings u/s 263 of the Act, are the same and based on the same material. The allegation in this show-cause notice issued u/s 263 of the Act, is that the Assessing Officer has failed to examine and that no enquiry was conducted into the veracity of the loans by the Assessing Officer, is factually incorrect. It is well set....

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.... prejudicial to the interest of the revenue. He also failed to notice that enquiries were in fact made by the Assessing Officer." Furthermore, the Tribunal rightly took note of the law laid down by the Hon'ble Supreme Court in Malabar Industrial Company Ltd. Vs. CIT; (2000) 109 TAXMAN P.66 and allowed the appeal filed by the assessee. In the said decision the Hon'ble Supreme Court pointed out t....