TaxTMI 
TaxTMI 
2008 (9) TMI 111
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....ircumstances of the case, the Tribunal was right in holding that the proceedings under Sec. 147/148 of Income Tax Act, 1961 were not validly initiated against the assessee"? The necessary facts are, that for the relevant assessment year 1993-1994, the assessee filed return on 01.9.1993, which was processed under Sec. 143 (1) (a) on 23.11.1993. The assessment was re- opened, and notice under Sec. 148 was served, on 29.3.1998. As appears from the assessment order, that action under Sec. 132 (1) was carried out, at the residence of Shri Pokar Bhati, and his sons on 29.11.1994, and simultaneously, survey was conducted at Pokar Hotel under Sec. 133(A). In the course of survey, it was noticed that the assessee made substantial investment in the ....
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....der, it is contended, that both these judgments, in Pratap Singh's case and Hotel Joshi's case, relate to the assessment years, prior to 01.4.1989, while since 01.4.1989, material changes have been brought in the Income Tax Act, and the scope of Sec. 147 was substantially widened, more so, the procedure for processing the return, under Section 143 (1) (a) was introduced, and, therefore, the proceedings could be re-opened even on the basis of departmental valuation Officer's report, and two judgments, relied upon, do not come in the way. The matter came up before this court on 14.8.2008, and the court desired to know the final outcome of the search and survey proceedings, referred to above, and for providing that information, time was also ....
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....ssment year 1991-92, the assessee had invested Rs. 2,20,600/-, and has shown, this investment, in the books of account, then sum of Rs. 2,89,947/-, was shown to have been invested, in the assessment year 1992-93, and further sum of Rs. 11,64,862/- was shown to have been invested in the assessment year 1993-94. On simply adding of these amounts, it is clear, that the assessee, had shown to have invested a sum of Rs. 16,75,409/-, during the three assessment years, being 1991-92, 1992-93 and 1993-94, with this, vide assessment order dated 27.3.1995, obviously, which was passed before the present assessment order, being dated 24.3.2000, a sum of Rs. 15,00,000/- lacks has been considered to have been invested, for construction of the hotel....