The Assessing Officer passed assessment orders for the AYs 2005-06, 2006-07 and 2007-08. The Assessing Officer, for the AY. 2005-06 held that reasons formed to reopen the assessment on the basis of assessee\u2019s voluntary depositions and seized materials. The Commissioner (Appeals) partly allowed the appeals. The Tribunal partly allowed the appeals and cross objections filed by the assessee. On appeal\u00a0 the Court held\u00a0 that the Tribunal had erred in upholding the reopening of the assessment under section\u00a0147\u00a0for the AY.s 2005-06, 2006-07 and 2007-08 and in holding that there was reason to believe that income had escaped assessment and all mandatory conditions to reopen the assessment were satisfied. No proceedings were initiated under section\u00a0153C. Thus, there was patent non-application of mind. The Assessing Officer had not recorded his satisfaction with regard to escapement of income. The assessee\u2019s admission during the survey under section 133A could not be a conclusive evidence. Relied on\u00a0 Pullangode Rubbber Produce Co Ltd v. State of Kerala (1973) 91 ITR 18 (SC)\u00a0 (AY. 2005-06 to 2007-08)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 147 : Reassessment-Unexplained investments-Search and Seizure-Survey-Statement in the course of survey is not conclusive evidence-Assessment of third person-Reassessment order was quashed. [S. 69B, 132, 143), 148, 153C] <\/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":[21],"tags":[],"class_list":["post-38912","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-a7C","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/38912","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=38912"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/38912\/revisions"}],"predecessor-version":[{"id":38913,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/38912\/revisions\/38913"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=38912"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=38912"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=38912"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}