TaxTMI 
TaxTMI 
2022 (4) TMI 22
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....ut of order passed u/s 143(3) r.w.s. 147 of the Act dated 08.12.2018 by the Assessing Officer (hereinafter referred to as the 'AO') relevant to A.Y 2011-12. 2. The revenue has challenged the order of Ld.CIT(A) on merit as the ld CIT(A) has allowed the appeal of the assessee on merits whereas the assessee has challenged the order of Ld. CIT(A) on legal issue which is dismissed by CIT(A) upholding reopening u/s 147 r.w.s. 148 of the Act. The grounds raised by the assessee primarily relate to wrong assumption of jurisdiction by the AO without there being any substantive material and also reopening beyond four years despite the fact that assessee has fully disclosed all materials facts before the AO and therefore, same is invalid in law and ....
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....proforma which was replied by the assessee by filing the details relating to these loans amounts ,the copies whereof are filed at page 37 to 40 of the PB and finally the assessment was framed u/s 143(3) accepting the contentions of the assessee qua the money raised. Thereafter the case of the assessee was reopened u/s 147 by issuing notice u/s 148 of the Act dated 29.03.2018 which was duly served on the assessee. The assessee filed its return of income on 14.04.2018. The case of the assessee was reopened on the ground that as per the information from DDIT(Inv), Unit-1(3), Kolkata, the assessee is beneficiary of various accommodation entries to the tune of Rs. 1,50,00,000/-. During the course of course of assessment proceedings u/s 147 r.w.s....
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....t proceeding, the AO specifically raised a query by calling upon the assessee vide questionnaire dated 26.12.2013 to furnish the details of loans taken along with requisite evidences which were duly filed by the assessee. The Ld. AR while drawing the attention of the bench to the reasons recorded u/s 148(2) of the Act submitted that the assessment was reopened without there being any substantive material before the AO. The Ld. AR further argued that the case was reopened after period of 4 years from the relevant assessment year without mentioning in the reasons recorded or without any whisper of failure on the part of the assessee to disclose any material fact relating to the income which has ultimately led to escapement or underassessment.....
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..... DR relied on the order of AO by submitting that the case of the assessee has validly been reopened after receiving the information from DDIT(Inv), Unit-1(3), Kolkata to the effect that the assessee is a beneficiary of accommodation entries from various parties. The Ld. DR while candidly admitted that there is an apparent mistake by the AO in recording the figure of unsecured loans in the reasons recorded u/s 148(2) which was mentioned at Rs. 20,00,000/- instead of Rs. 2,00,00,000/-, submitted that the reopening was based upon the substantive material in the form of information from DDIT(Inv) Kolkata and therefore the arguments of the AR are devoid of nay merit that there was no substantive materials before the AO. On the anomaly between t....
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....of the Act vide order dated 24.02.2014. We note that during the course of assessment proceeding, the issue of raising loans has been examined at length by the AO by specifically calling upon the assessee to provide/furnish the details of the loans and advances raised during the year which was duly complied with by the assessee by filing all the details/evidences and the AO, only after examining them, accepted the plea of the assessee as regards the loans raised and accordingly framed the assessment u/s 143(3) of the Act accepting all those transactions. Besides the assessee has made full disclosure of these transactions in the books of account which have been examined at length by the AO during the course of original assessment proceeding. ....