Income Tax Appellate Tribunal - Bangalore
Samdaria Finance Corporation vs Asstt. Cit on 1 January, 1800
Equivalent citations: (1992)42TTJ(BANG)461
JUDGMENT
ASSESSMENT--Reasons, recording of. Ratio :
Where there is absence of reasons found, recorded on original file of assessing officer the assessment to be set aside.
Held :
The main issue is in regard to the point of time at which notice under section 148(1) had been first issued. Having regard to the facts and circumstances of the case and particularly in view of the fact that the original file of the assessing officer does not contain the reasons of his belief to proceed under section 147(a), this issue must be restored to the file of the assessing officer for a proper verification of all facts. Further, on merits too, the assessment requires to be redone since the assessee has taken up a contention that the assessing officer has not taken into consideration the amounts returned by the debtors. While setting aside the impugned assessment the entire issue is restored to the file of the assessing officer with a direction that he shall reconsider the entire matter including the question of limitation and the assessee shall be given an opportunity of being heard.
Application :
Also to current assessment years.
Income Tax Act 1961 s.144