Assessment is\u00a0 reopened\u00a0 on the basis of information from the Investigation wing.\u00a0 Reasons placed on record by Assessing Officer referred to information received by Assessing Officer that assessee had raised a loan from\u00a0 K.J.S. Ahluwalia Group (KG Group)\u00a0 through\u00a0 Tanish Tradecom Pvt. Ltd and Puneet Oils and Chemicals Ltd \u00a0(TTPL)\u00a0 and POCPL,)\u00a0 which were dubious entities. Court held that there was no reference to how Assessing Officer had, at that juncture, formed a view that they were dubious entities.\u00a0 Reasons did not advert to material that was available to Assessing Officer and which persuaded him to form a belief that income chargeable to tax had escaped assessment. Therefore, reasons recorded lacked necessary jurisdictional prerequisite of reason being recorded, before entering realm of reassessment proceedings.\u00a0 Tribunal rightly held that Assessing Officer had proceeded in a mechanical manner as he had based his decision to reopen his assessment on information received from investigation wing and there was absence of independent application of mind by Assessing Officer. Court also held that a mistake, which can be corrected under section 292B, should be such that if excised (removed) it does not change tenor and scope of documents\/proceedings referred to therein i.e., return of income, assessment, notice, summons or other proceedings, taken, furnished or made or issued or taken or purported to have been furnished or made or issued or taken against assessee under provisions of Act. \u00a0\u00a0\u00a0Order of Tribunal is affirmed of High Court on the ground that\u00a0 no substantial question of law.\u00a0 SLP of Revenue is dismissed as the delay of 213 days\u00a0 is not satisfactorily explained.\u00a0 (AY. 2010-11)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 147 : Reassessment-With in four years-Cash credits-Shell companies-Information from Investigation Wing-Recorded reason mechanical manner without application of mind by the Assessing Officer-Mistake-A mistake, which can be corrected under section 292B, should be such that if excised it does not change tenor and scope of documents\/proceedings referred to therein-Order of Tribunal quashing the reassessment order is affirmed by the High Court as no substantial question of law-SLP of Revenue is dismissed as the delay of 213 days is not satisfactorily explained. [S. 68, 143(1), 148, 260A, 292B, Art. 136] <\/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-49278","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-cOO","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/49278","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=49278"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/49278\/revisions"}],"predecessor-version":[{"id":49279,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/49278\/revisions\/49279"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=49278"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=49278"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=49278"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}