TaxTMI 
TaxTMI 
2025 (6) TMI 2159
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....g the instant appeal, on which Assessee by filing a petition for condonation of delay in filing the present appeal which is duly supported with duly sworn affidavit, has claimed as under:- "1. That I am the appellant in the appeal no. Appeal No.: (EFXXXXXX1347) before Hon'ble Income-tax Appellate Tribunal, Nagpur and as such I am well acquainted with the facts and circumstances of the case and competent to swear this affidavit. 2. That the appeal is being filed against the order of the Commissioner of Income Tax (Appeals) dated 19-12- 2024, received on email of my son Parth in Dec-2024. 3. That the due date for filing the appeal before the Hon'ble Income Tax Appellate Tribunal was 28/02/2025. 4. T....
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....s reasonable, bonafide and unintentional, delay of 57 days in filing the present appeal, is hereby condoned. 5. Coming to the merits of the case, it is observed that the Assessing Officer (AO) vide assessment order dated 27/12/2019 u/sec. 147 r.w.s. 143(3) of the Act has made the addition of Rs.36,13,000/- on account of difference between the consideration shown by the Assessee and the stamp duty valuation. 6. The Assessee, being aggrieved, challenged the reopening of the proceedings as well as addition made by the Ld. AO by filing first appeal before the Ld. Commissioner, however, of no avail, as the Ld. Commissioner confirmed the reopening as well as addition by dismissing the appeal of the Assessee. Against which, the Assessee bein....
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....een attracted and therefore the Ld. AO in order to verify the said transaction, vide show cause notice dated 24/12/2019, show-caused the Assessee "as to why the difference of Rs. 36,13,000/- (stamp duty value of the property Rs. 1,06,13,000 - sale consideration of Rs. 70,00,000) shall not be treated as income from other sources and added to the income of the Assessee." 10. The Assessee in response to the aforesaid show-cause notice, made no compliance. Therefore, in the constrained circumstances, the Ld. AO ultimately made the addition of Rs. 36,13,000/- being difference between the stamp duty value and the consideration shown by the Assessee. 11. The Assessee thus has claimed that in the instant case, the reasons for reopening mainly....
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....d. AO in addition to the notice dated 28/02/2019 issued u/sec. 148 of the Act and/or reasons recorded, also issued fresh notice u/sec. 148 of the Act and/or revised the reasons for reopening of the proceedings and/or recorded reasons for reopening qua the property, which ultimately resulted into making the addition under consideration, and therefore addition under consideration is liable to be deleted, specifically in view of judgment of Hon'ble Jurisdictional High Court in the case of CIT vs. Jet Airways (I) Ltd. [2011] 331 ITR 236 (Bom.) wherein the identical issue has been dealt with, by observing and holding as under: - "11. The rival submissions which have been urged on behalf of the revenue and the assessee can be dealt w....
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....what Parliament intends by use of the words "and also" is that the Assessing Officer, upon the formation of a reason to believe under section 147 and the issuance of a notice under section 148(2) must assess or reassess: (i) 'such income'; and also (ii) any other income chargeable to tax which has escaped assessment and which comes to his notice subsequently in the course of the proceedings under the section. The words 'such income' refer to the income chargeable to tax which has escaped assessment and in respect of which the Assessing Officer has formed a reason to believe that it has escaped assessment. Hence, the language which has been used by Parliament is indicative of the position that the assessment or reassessment m....
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....or reassessment on grounds other than those on the basis of which a notice was issued under section 148 setting out the reasons for the belief that income had escaped assessment. Those judicial decisions had held that when the assessment was sought to be reopened on the ground that income had escaped assessment on a certain issue, the Assessing Officer could not make an assessment or reassessment on another issue which came to his notice during the proceedings. This interpretation will no longer hold the field after the insertion of Explanation 3 by the Finance Act (No. 2) of 2009. However, Explanation 3 does not and cannot override the necessity of fulfilling the conditions set out in the substantive part of section 147. An Explanation to ....