TaxTMI 
TaxTMI 
2025 (1) TMI 99
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.... Income Tax Act, 1961 ["the Act"] arising from the assessment order dated 26.03.2022 passed under s. 147 r.w.s. 144B of the Act pertaining to assessment year 2014-15. 2. The assessee has raised following grounds in this appeal:- 1. "That having regard to the facts and circumstances of the case. Ld. CIT(A) ought to have quashed the impugned reassessment order as the same has been passed by Ld. AO us 147/144B and that too without assuming jurisdiction as per law and without complying with mandatory conditions u 147 to 151A as envisaged under the Income Tax Act, 1961. 2. That in any case and in any view of the matter, action of Ld. CITA) in not quashing the impugned reassessment order passed by Ld. AO u/s 147/148, which is....
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.... order u/s 147/144B which is barred by limitation. 7. That having regard to the facts and circumstances of the case. Ld. CIT(A) has erred in law and on facts in not reversing the action of Ld.AO charging interest u/s 234A, 234B and 234C of the Income Tax Act. 1961." 3. As per grounds of appeal, the Ld. Counsel for the assessee has challenged the assumption of jurisdiction under s. 147 of the Act as well as the additions carried out towards unexplained investment under s. 69 of the Act on merits. 4. When the matter was called for hearing, the Ld. Counsel for the assessee pointed out that the assessment for AY 2014-15 in question was re-opened under s. 147 of the Act by issuance of notice dated 30.03.2021. The assessee challeng....
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....hi High Court); CIT vs Jet Airways (I) Ltd. in 195 Taxman 117 (Bombay High Court); and CIT vs Mohmed Junaid Dadani [2013] 30 taxmann.com 1 (Gujarat High Court). It was thus submitted that the issue is beyond the pale of controversy any more. The Ld. Counsel for the assessee thus submitted that Reassessment notice as well as the re-assessment order suffers from legal infirmities towards jurisdiction and therefore, re-assessment order is bad in law. 6. The Ld. Sr. DR for the Revenue, on the other hand, relied upon the action of the AO and submitted that power of the AO is not curtailed for making addition under s. 147 of the Act. 7. We have carefully considered the rival submissions. We straightway address ourselves to the validity o....
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....quiries made by the AO as sequel to information collected / received Necessary verification was made from the entire details available on records and database of ITBA and Insight portal thereby, I have sufficient form of 'Reason to believe' to frame my opinion. The information available with this office has been analyzed and I have framed my opinion after due application of all the facts and mind. 5. Finding of the AO During the year under consideration, assessee had undertaken following financial transactions: Sr.No. Type of transactions Amount 1. The assessee along with three other co-sharers had purchased an immovable property for a consideration of Rs 94,87,870/- wherein the share of the....
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....articulars of the above transactions and therefore the income to the above extent has escaped assessment. 6. Basis of forming reason to believe and details of escapement of income In light of the details available on records and the above facts and findings, I have reason to believe that income chargeable to tax quantified as above has escaped the assessment. 7. Applicability of provisions of section 147/151 to the facts of the case Considering all the details and materials available on records, I am satisfied that the assessee has understated the income in its return of income filed as per above details and therefore the income chargeable to tax to the tune of Rs. 99,71,563/- has escaped the assessment. ....
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....to the allegations of escapement in the reasons recorded. 10. In this factual backdrop where the ground on which the jurisdiction under s. 147 of the Act was exercised have not been reckoned and acted upon in the re-assessment proceedings and no additions were carried out for any of such ground recorded, the AO could not make additions on an altogether different ground which did not form part of the reasons recorded by him as held by the judgements passed the Hon'ble Delhi High Court, Hon'ble Gujarat High Court as well as Hon'ble Bombay High Court (supra) as cited on behalf of the assessee. The Revenue could not controvert the fact that the additions on the points derives its genesis from the ground taken in the reasons recorded. In the ....