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

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ITA 3135/CHNY/2018Status: DisposedITAT Chennai04 March 2020AY 2012-133 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal found that the relevant materials were not placed before the Assessing Officer (AO) for due consideration. Therefore, the issue was remitted back to the AO for fresh examination.

What were the facts?

The assessee appealed against the reopening of assessment for AY 2012-13. The assessee argued that the income assessed originally was higher than what would be assessed upon reopening, thus there was no escapement of income.

What were the issues?

Whether the reopening of assessment was justified when the original assessment was higher than the potential reassessed income, and if relevant materials were considered by the AO.

Which sections of the Income-tax Act were involved?

Section 143(3)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, ‘D’ BENCH: CHENNAI

Before: SHRI N.R.S. GANESAN & SHRI S.JAYARAMAN

Hearing: 20.02.2020

: अपीलाथ" क" ओर से/ Appellant by Mr.R.Vijayaraghavan,Advocate : Mr. AR.V.Srinivasan,JCIT,D.R ""यथ" क" ओर से /Respondent by : सुनवाई क" तार"ख/Date of Hearing 20.02.2020 : घोषणा क" तार"ख /Date of 04.03.2020 Pronouncement आदेश / O R D E R PER S.JAYARAMAN, ACCOUNTANT MEMBER:

The assessee filed this appeal against the order of the Commissioner of Income Tax (Appeals)-4, Chennai in 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.

3.

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.

4.

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.

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.

5.

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

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

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