Tribunal held that the AO had come to the conclusion that there was escapement of income on the ground that falsification of books of account and also manipulation of accounts for the last several years as well as the statement given by the chairman and material evidence, which were necessary to be considered, were not at all considered by the AO \u00a0while passing the order under S.143(3) of the Act. The AO after \u00a0recording detailed reasons, had reopened the assessment and, therefore, the question of change of opinion did not arise because the AO\u00a0 had \u00a0not expressed any opinion. Accordingly the reassessment is held to be valid.\u00a0 On facts the CIT(A)\u00a0 had\u00a0\u00a0 given the directions to the AO with regard to the addition of Rs. 20 crores on account of unexplained loans and advances and with regard to segregation of interest income and assessing it as income from other sources and treating the income from trading in shares as speculation income. (AY. 2005-06)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 147 : Reassessment-Falsification of accounts\u2013Statement of chairman\u2013Un explained loans\u2013Interest-Reassessment is held to be valid\u2013Order of CIT(A) is affirmed. [S. 2(22)(e), 148]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-11004","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-2Ru","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/11004","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=11004"}],"version-history":[{"count":3,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/11004\/revisions"}],"predecessor-version":[{"id":19584,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/11004\/revisions\/19584"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=11004"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=11004"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=11004"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}