TaxTMI 
TaxTMI 
2026 (8) TMI 1809
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....d down by the Hon'ble Supreme Court in the case of GKN Driveshafts (India) Ltd. vs. ITO [2003] 259 ITR 19 (SC). The Ld. AO had erred in maintaining reticence on objections raised by the appellant company and abstaining from passing a speaking order disposing such objections in course of assessment proceedings. 2. That on the facts and in the circumstances of the case and in law, the Hon'ble CIT(A) erred in upholding the validity of the reassessment proceedings initiated by the Ld AO, despite the fact that the recorded reasons were furnished at the fag end of the limitation period and the Show Cause Notice was issued simultaneously, which clearly indicates a pre-determined mindset of the Ld AO. 3. That on the facts and circumstances of the case and in law, the Hon'ble CIT(A) erred in upholding the reassessment proceedings when the Ld. AO acted mechanically on the information received from DDIT(Investigation), Unit-4(2), Kolkata without independently verifying whether the said information comprised any tangible material having live nexus with the income alleged to have escaped assessment in the hands of the appellant. 4. That on the facts and in....
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....he return has to be filed within 30 days from the date of receipt of the notice u/s. 148 of the Act. However, the assessee filed return of income on 06.08.2021 in response to notice u/s. 148 of the Act, declaring income as NIL and claiming loss of Rs. 29,177/-. The Assessing Officer issued notice u/s. 143(2) of the Act on 27.11.2022 and other statutory notices were issued to the assessee which were duly served upon the assessee. The assessee furnished details, after considering the submissions of the assessee which was submitted that assessee is a loss-making company and had obtained loan from Babylon Trading and Investment Private Limited of Rs. 84,00,000/- and the said amount was paid to "OTREM ESTATES Pvt. Ltd." on 06.04.2016. After considering the totality of the facts and circumstances of the case, the Assessing Officer treated as unexplained cash credit and applied Section 68 of the Act and total income of the assessee is assessed at Rs. 84,00,000/-. An Assessment Order was passed u/s. 147 r.w.s. 144 r.w.s. 144B of the Act on 30.03.2022. 3. Aggrieved from the above order, assessee filed an appeal before the Ld. CIT(A). The Ld. CIT(A) after considering the submissions of th....
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....n ITA No.10/2017. 5. On the other hand, the Ld. DR supported the order of the Assessing Officer and submitted that in the assessment order, the Assessing Officer has clearly mentioned that the notice u/s. 143(2) of the Act after filing of the return was issued on 27.11.202. However, there is a typographical error in the year; it should have been 2021 whereas it has been mentioned as 202. Thereafter, another statutory notices were issued to the assessee. The assessee has participated in the entire proceedings and challenged the order passed before the Ld. CIT(A), where this issue was not raised. As per the assessment order, notices u/s. 143(2) of the Act and u/s. 142(1) of the Act were also issued and objected to for the reasons instituted in the rejoinder. The Learned Counsel stated that the Assessing Officer has mentioned in the assessment order that the notice was issued on 27.11.202, which does not make any difference, it clear that the notice was actually issued., or whether it appeared on the web portal or not is immaterial. In support of the non-issuance of the notice, the assessee has filed a fresh affidavit. The ld. DR also referred to section 292BB of the Act. 6. Con....
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.... the case in the form of reasons recorded and reasons are supplied to the assessee, therefore it is not mandatory to issue notice u/s. 143(2) of the Act in the proceedings u/s. 147/148 of the Act. We are reproducing the section 143(2) of the Act. As under:- "143(2). Where a return has been furnished under section 139, or in response to a notice under sub-section (1) of section 142, the Assessing Officer or the prescribed income-tax authority, as the case may be, if, considers it necessary or expedient 74 to ensure that the assessee has not understated the income or has not computed excessive loss or has not under-paid the tax in any manner, shall serve^74 on the assessee a notice requiring him, on a date to be specified therein, either to attend the office of the Assessing Officer or to produce, or cause to be produced before the Assessing Officer any evidence on which the assessee may rely in support of the return: Provided that no notice under this sub-section shall be served on the assessee after the expiry of six months from the end of the financial year in which the return is furnished." We also noted from the assessment order that the Ao has issued notice....