T.T.KRISHNAMACHARI & CO.,CHENNAI vs. ACIT NON CORPORATE CIRCLE 3, CHENNAI

The Ld. A.R., though he has taken many grounds of appeal, pressed only one ground pleading that if the income admitted by the assessee in :- 2 -: accordance with statement of income of Koltak Alternate Opportunities (India) Fund (KAIOF) is analyzed with the assessee’s admission of income as made in the computation of its income, the income assessable in the re-opened assessment would be lesser than the income i.e. originally assessed under Section.143(3) of the Act dated 06.03.2015 and therefore, there would not any reason to re-open the assessment in view of non- escapement of income over the income already assessed. Therefore, the Ld. A.R. pleaded that on this issue, the appeal may be allowed.

Per contra, Ld. D.R. submitted that the details furnished by the assessee before the Tribunal was not available with the A.O. and hence, it requires examination, appeal may be decided accordingly.

We have heard the rival submissions and perused the material available on record. The assessee pleads that the income already assessed u/s 143(3) of the Act is correct in accordance with details furnished before the Bench. If the relevant materials are examined by the A.O., there would not be any case for re-opening the assessment as the computation of income originally made under Section 143(3) of the Act would be more than the income that is likely to be a reassessed income and hence, there would not be be a case for reopening of assessment.

In the result, the appeal of assessee is allowed for statistical purposes.