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

PER S.JAYARAMAN, ACCOUNTANT MEMBER:

The assessee filed this appeal against the order of the Commissioner of Income Tax (Appeals)-4, Chennai in ITA No.82/2017-

18/A.Y.2012-13/C.I.T(A)-4, dated 11.09.2018 for the assessment year

2012-13. 2. 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.

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are examined by the A.O., there would not be any case for re-opening the assessment as the computation of income originally made under Section 143(3) of the Act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.

Since the relevant materials were not placed before the A.O., for due

consideration, we deem it fit to remit this issue back to the learned A.O.

for fresh examination. The assessee shall furnish the relevant material :- 3 -:

before the A.O. and comply with the requirements of the A.O in accordance with law. The A.O. shall after affording effective opportunity of being heard to the assessee, would decide the case in accordance with law.

Order pronounced on the 04th March, 2020 in Chennai. (एन.आर.एस .गणेशन) (एस जयरामन) (N.R.S. GANESAN) (S. JAYARAMAN) "या"यकसद"य/Judicial Member लेखा सद"य/ACCOUNTANT MEMBER

चे"नई/Chennai, "दनांक/Dated: 04th March, 2020. K S Sundaram

आदेश क" ""त"ल"प अ"े"षत/Copy to: 1. अपीलाथ"/Appellant 4. आयकर आयु"त/CIT 5. "वभागीय ""त"न"ध/DR