TaxTMI 
TaxTMI 
2022 (6) TMI 792
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....of income received from the fund houses net of tax while arriving at the income chargeable to tax u/s 115JB without considering that the income received from the fund houses is net of tax and is to be treated as exempt income as the tax on the same has been paid by the fund houses as representative assessee on behalf of the assessee. 3. Hence, the total income be reduced by Rs. 41,80,703/- and the income u/s 115JB be considered at Rs.6,67,74,763, only." 3. Apart from the above grounds of appeal, the assessee vide application dated 03/01/2022 sought admission of following additional grounds of appeal: "1. The abovementioned appeal has been filed by the Appellant against the order dated 22.10.2019 passed by the Ld. Commissioner of Income Tax (Appeals). The said appeal is scheduled for the hearing on 04.01.2022. 2. The Appellant submits that it has raised the additional ground before the Hon'ble ITAT challenging the jurisdiction to issue a notice u/s 148(1) of the Act. The said ground is purely legal in nature and the same goes to the root of the matter. Thus, the Appellant prays before the Hon'ble ITAT to admit and adjudicate the same. 3....
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....e filed earlier be treated as return filed in response to notice issued under section 148 of the Act and also requested for copy of reasons recorded for reopening the assessment. The Assessing Officer vide letter dated 04/01/2016 provided the copy of reasons recorded while reopening the assessment in the case of assessee. The Assessing Officer also issued notices under section 142(1) of the Act and directed the assessee to produce the documents in support of its claim. The said notices were responded by the assessee. 8. The Assessing Officer vide order dated 23/03/2016 passed under section 143(3) r.w.s. 147 of the Act computed the total income of the assessee under section 115 JB of the Act at Rs. 7,50,21,669. In further appeal, learned CIT(A) vide impugned order dated the 22/10/2019 partly allowed the appeal filed by the assessee on merits. Being aggrieved, assessee is in appeal before us. 9. During the course of hearing, the learned AR placed his submissions on the additional grounds of appeal challenging the legality of reassessment proceedings in the present case. The learned AR submitted that impugned reassessment proceedings are based on the reappraisal of same set of f....
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....ssessee engaged in the construction business, lying unsold, is assessable as Income from House Property. In this case since the assessee has not offered the income irom house property the ALV of said unsold Property is estimated at Rs. 12,97,960/- being 8.5% of cost of said Unsold flats of Rs.1,52,70,111/- as per the ratio laid down in the judgment of Omprkash & Co, 87 TTJ 183 (Mum) and Chem Mach P Ltd. (83 lTD 427 Mum). Omission to do so has resulted into under assessment of Rs. 9,08,572/- on this issue. Further, it was also observed from the record, that the assessee company had received dividend of Rs.3,97,85,797/- which was claimed as exempt. Also it has shown short term capital loss of Rs. 4972,979/-. No details of the said dividend and STCL are available on the record. In view of the above, I have reason to believe that an amount of Rs.9,21,282/- for the A.Y.2010-11 has escaped assessment u/s 147 of the I.T. Act, 1961 for this year. Hence it is a fit case for issue of notice u/ s. 1'18 of the I.T. Act." 12. Thus, the Assessing Officer initiated the reassessment proceedings on the following 3 issues: (a) addition of loss on s....
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....o note that Hon‟ble Delhi High Court‟s decision dated 31/10/2012 in Ansal Housing Finance and Leasing Co Ltd, reported in [2013] 213 Taxman 143 (Del), on which reliance has been placed by the Assessing Officer to support the aforesaid levy, was already available in public domain at the time of passing of the assessment order dated 26/11/2012 under section 143(3) of the Act. In respect of the other allegation in the reasons recorded for reopening the assessment that no details of dividend earned and short term capital loss incurred are available on record also appears to be another pretext to initiate reassessment proceedings in the present case, as during the original scrutiny assessment proceedings the Assessing Officer made disallowance of Rs. 34,59,553 under section 14A of the Act after perusing all the details filed by the assessee. Thus, upon perusal of all these aspects, we are of the considered view that the impugned reassessment proceedings were initiated only on the basis of re-appreciation of facts already available on record without any new or tangible material coming into existence and also to conduct roving and fishing enquiry in the case of the assessee fo....