2023 (4) TMI 635

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....t, "Tribunal"]. 2. This appeal concerns Assessment Year (AY) 2009-10. 3. The broad facts which arise for consideration are the following: 3.1. A search and seizure operation along with a survey was carried out qua the residential and business premises of one, Mr. Aseem Kumar Gupta and the members of his group, by taking recourse to Section 132 and 133A of the Income Tax Act, 1961 [in short, "Act"]. 3.2. The aforementioned actions were carried out on 26.03.2010. It appears that what emerged from the action taken by the appellant/revenue was that Aseem Kumar Gupta and his group had provided accommodation entries to several beneficiaries, by opening bank accounts in the name of several proprietary concerns and companies controlled by the s....

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.... 16.05.2013. The record also shows that there was material on record indicative of the fact that the respondent/assessee had communicated to the AO that the return which had already been filed on 26.10.2009, to which we have made a reference above, should be treated as a return in response to the notice issued under Section 148 of the Act. 11. It appears that the AO, in ignorance of this plea of the petitioner, assumed, albeit wrongly, that no return had been filed by the respondent/assessee and thus proceeded to pass a fresh assessment order on 02.03.2015, by taking recourse to the provisions of Section 147 read with Section 144 of the Act. 12. The AO, accordingly, concluded that the respondent/assessee's taxable income was Rs. 10,98,39,....

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....against the said order of the CIT(A) that the appellant/revenue preferred an appeal before the Tribunal. The Tribunal via the impugned order sustained the view taken by the CIT(A). Submissions of Counsel 16. Mr Kumar submits with all the emphasis at his command that since the earlier assessment order dated 26.12.2011 had been quashed by the CIT(A), via order dated 01.02.2013, the AO was well within his rights to trigger the reassessment proceedings under Section 147/148 of the Act. 17. To a query, as to whether any fresh material was found by the AO, Mr Kumar candidly stated that there was no fresh material found. 18. Mr Kumar's argument, however, was that based on the material found in the first round, reassessment proceedings could ha....