TaxTMI 
TaxTMI 
2025 (9) TMI 214
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....levant to the Assessment Year ('A.Y.' for short) 2012-13. 2. It is observed that this appeal had been filed belatedly with the delay of 460 days for which the assessee has filed an application for condonation of the said delay along with an affidavit. Upon perusal of the said and after hearing both sides we deem it fit to condone the delay on the ground that there was 'sufficient cause' for the said delay. Delay condoned. 3. The assessee has challenged this appeal on the following grounds of appeal: 1. " The Learned Principal Commissioner of Income Tax,PCIT,Mumbai-3 erred in passing the order u/s. 263 of the I.T.Act, 1961 for A.Y. 2012-13 Dated 09-03-2012 directing the Income-tax Officer to pass the order u/s. 143(3) / 144 re....
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.... has credited Rs. 82,55,90,497/- in its P & L Account towards transportation, enroute, interest, dividend, etc. and after debiting various expenses, operating cost, employing benefits, finance cost, the assessee had returned the total income at Rs. 3.87 crore. The ld. AO passed the assessment order u/s. 143(3) of the Act on 03.11.2014 declaring total income at Rs. 3,91,95,479/- after making certain additions/disallowances. The assessee's case was subsequently reopened vide notice u/s. 148 of the Act dated 27.03.2019 for the reason that the assessee had received payment from customers through banking channel and the same was withdrawn through self paid cheques for making payment to convoy in-charge at the time of allotment of vehicles by way....
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..../s. 234A for the period from 04/2019 to 11/2019 for the delay in filing the return of income in response to notice u/s. 148 which has also not been charged by the ld. AO, thereby making the assessment order erroneous in so far prejudicial to the interest of the revenue. The ld. PCIT set aside the impugned assessment order and directed to ld. AO for a de novo assessment. 6. Aggrieved the assessee was in appeal before us challenging the impugned order of the ld. PCIT. 7. The learned Authorised Representative (ld. AR for short) for the assessee contended that the notice u/s. 148 of the Act was without jurisdiction and was passed beyond the time limit prescribed under the provisions of the Act. The ld. AR further stated that the assessmen....
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....o furnish any documentary evidences before the ld. AO in the reassessment proceeding, in failure of which the ld. DR stated that the ld. PCIT was right in invoking the revisionary powers u/s. 263 of the Act. The ld. DR further opposed, that the assessee cannot challenge the validity of the reassessment proceeding in an appeal u/s. 263 of the Act and the same has to be challenged before the ld. CIT(A) by a regular appeal. The ld. DR contended that it is not a collateral proceeding as argued by the ld. AR and relied on the order of the ld. PCIT. 10. We have heard the rival submissions and perused the materials available on record. Though the ld. AR has argued extensively on various grounds, we would proceed to decide the first issue which ....
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.... end of relevant assessment year unless if any income chargeable to tax as escaped assessment by reason of failure on the part of the assessee to disclose fully and truly all material facts necessary for the assessment while filing the returns u/s. 139 or in response to notice u/s. 142(1) or Section 148 of the Act. Here in the present case, the assessee filed its return of income dated 29.09.2012 and was assessed u/s. 143(3) of the Act and subsequently the assessee's case was reopened vide notice u/s. 148 dated 27.03.2019 where the addition was made on the 20% of the total withdrawal of Rs. 5,85,10,996/-. 11. It is evident that there has been no new tangible material available for the ld. AO for reopening assessee's case as even during t....
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....year, no action shall be taken under this section after the expiry of four years from the end of the relevant assessment year), unless any income chargeable to tax by reason of the failure on the part of the assessee to make a return under section 139 or in response to a notice issued under sub-section (1) of section 142 or section 148 or to disclose fully and truly all material facts necessary for his assessment, for that assessment year." 12. From the assessment order, it is apparent that the assessee has made compliance to all the notices issued by the ld. AO during the assessment as well as to notice u/s. 148 during the reassessment proceedings. The ld. AR also relied on the decision of the Hon'ble Jurisdictional High Court in the ca....