TaxTMI 
TaxTMI 
2025 (4) TMI 2147
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.... Income Tax Act, 1961 (hereinafter referred as "Act") vide order dated 31.03.2022. 2. The first issue in this appeal of Revenue is as regards to order of Ld. CIT(A)/NFAC quashing the reassessment proceedings and this issue is raised by the Revenue vide Ground No. 3, which reads as under:- "Whether on the impugned order passed by the Ld. CIT(A) by quashing the reassessment proceedings is the correct interpretation of the facts and of the law?" 3. The brief facts of the case are that the assessee is a firm engaged in the business of manufacturing of automobiles and auto parts. The assessee filed its return of income for assessment year 2015-16 on 27.10.2015 declaring total income of Rs. 23,93,000/-. Original assessment was comp....
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....ers will not form part of total income/exempted income for firm. Interest on such withdrawals is to be charged at Rs. 3,10,663/- @ 11.8% at the same percentage at which interest was paid on capital and required to be added to the assessed income. 4. In compliance to notice u/s. 148 of the Act, the assessee filed return of income on 26.5.2021. Notice u/s. 148 of the Act is dated 28.03.2021. The Ld. CIT(A) noted that the assessee's case falls in first proviso to section 147 of the Act for the reasons that there is no failure on the part of the assessee to disclose fully and truly all materials facts necessary for its assessment for the relevant assessment year 2015-16 in the original assessment and even return was filed u/s. 139 of the Act....
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....partners from capital account for personal use amounting to Rs. 3,10,663/-. The assessee before us, claimed that assessee filed all its details which were available in the assessment records and entire details of opening capital, addition to capital and addition of assets alognwith source of this expenditure including the addition in capital account of Rs. 20 lacs was explained during the original assessment proceedings. We note that this fact has been examined by the Ld. CIT(A) while adjudicating this issue of reopening. From the very reasons, recorded and as reproduced by the Ld. CIT(A), in its order, it is clear that there is no charge levied by the AO while recording reasons that there is no failure on the part of the assessee to disclo....
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....rovisions of sections 148 to 153, assess or reassess such income and also any other income chargeable to tax which has escaped assessment and which comes to his notice subsequently in the course of the proceedings under this section, or recompute the loss or the depreciation allowance or any other allowance, as the case may be, for the assessment year concerned (hereafter in this Section and in sections 148 to 153 referred to as the relevant assessment year) : Provided that where an assessment under Sub-section (3) of Section 143 or this Section has been made for the relevant assessment 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 ch....