COMMISSIONER OF INCOME TAX Vs. NARAIN DASS TANEJA

JUDGEMENT

(1.) This appeal by the Revenue under Section 260A of the Income Tax Act, 1961 ('Act' in short) pertains to assessment year 2004-05.

(2.) The Income Tax Appellate Tribunal (Tribunal, for short) by the impugned order dated 14.08.2014 has allowed the appeal of the respondent assessee, an individual, and has quashed the reassessment proceedings on the ground that the jurisdictional preconditions specified in Section 147 of the Act were not satisfied for two reasons; firstly the assessee had made full and true disclosure of material facts that he had made investment of Rs.1,66,23,750/- in the share capital of a company namely M/s Ishwar Dass Sahni & Brothers Ltd. Further this fact was raised and examined during the course of the original assessment proceedings and informed to the Assessing Officer in response to his query/questionnaire dated 17.05.2006. The Tribunal in this connection has quoted reply given by the assessee to question No.4 before the original assessment order was passed.

(3.) Learned Senior Standing Counsel for the Revenue does not dispute the said position but submits that it appears that the aforesaid investment was not reflected in the books of M/s Ishwar Dass Sahni & Brothers Ltd.