TaxTMI 
TaxTMI 
2025 (3) TMI 924
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....ed 06.01.2023 passed by the Ld. Assessing officer under provisions of section 147 r.w.s. 144C(13) of the Income-tax Act, 1961 is barred by limitation in view of provisions of section 153 of the Act and is, therefore, bad in law and illegal. 2. In the facts and circumstance of the Appellant's case the directions issued by Dispute Resolution Panel u/s 144C(5) of the Income-tax Act 1961 are bad in law. 3. Without prejudice to Ground 1 & 2 above, order u/s. 143(3) r.w.s 147 passed by the learned assessing officer is bad in law, and in facts, as the reasons recorded for reopening are erroneous, ambiguous and vague and no income had escaped assessment. 4. Ld. AO grossly erred in concluding assessment proceedings without providing reason....
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.... of Rs. 13,02,500/-, Accordingly notice u/s 143(2) of the Act was issued to the assessee on 03/12/2021. The assessee was issued the reasons recorded along with notice under section 143(2) on 03/12/2021. 2.2 Subsequently the assessee filed its objection for reopening of assessment u/s. 148 of the Act on 31/12/2021. The same was disposed off by this office on 03/02/2022. 2.3 Accordingly, notice u/s. 142(1) r.w.s. 129 of the Act was issued to assessee on 26/02/2022 calling for necessary compliance/submission to examine the issue for which case of the assessee was re-opened. In response to the notices issued from this office, the assessee submitted the explanation/details electronically through e-proceedings from time to time and the same are....
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....stice in the original ground of appeal. He submitted that, assessee also filed Application seeking admission of following additional grounds vide application dated 13/07/2024 challenging reasons recorded by the assessing officer to be based on change of opinion. "1. That on the facts and in the circumstances of the case of the appellant and in law Ld. Assessing Officer has failed to adhere that the original assessment order passed u/s. 143(3) of the Act in the case of the appellant has already considered the issue of short-term capital gain in the scrip of M/s. Kushal Limited and thereupon accepted the return of income so filed by the appellant. 2. That on the facts and in the circumstances of the case of the appellant and in law, Ld. A....
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....osed admission of the additional grounds, could not bring anything on record which would challenge such a right available to assessee under the Act. 5.1 We upon perusal of the additional grounds find that these are directly connected with the validity of reassessment proceedings and no new facts needs to be investigated for adjudicating the same. Issues alleged by the assessee are a legal issue that does not require investigation of any new facts. 5.2 Considering the submissions and respectfully following the decisions of Hon'ble Supreme Court in case of National Thermal Power Co. Ltd. Vs. CIT reported in (1998) 229 ITR 383 and Jute Corporation of India Ltd. Vs. CIT reported in 187 ITR 688, we are admitting the additional grounds raised b....
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....under section 148 of the act. He thus vehemently opposed to such procedure adopted by the assessing officer to the contrary to the principles laid down by various Hon'ble High Courts and Hon'ble Supreme Court 6.2 On the contrary the Ld.DR relied on orders passed by the authorities below. We have perused submissions advanced by both sides in the light of records placed before us. 7. In our opinion before the Assessing Officer is satisfied to act under the provisions relating to reassessment, he must have to record in writing, as to why, in his opinion or why he holds the belief that income has escaped assessment. Reasons for holding such belief must be reflected from the record of reasons made by the Assessing Officer. Recording of reason....