COMMISSIONER OF INCOME TAX Vs. ANKIT C. MAHESHWARI

JUDGEMENT

(1.) Feeling aggrieved and dissatisfied with the impugned judgment and order passed by the learned Income-tax Appellate Tribunal (hereinafter referred to as "the Tribunal"), dated September 16, 2013, passed in I.T.A. No. 742/Ahd/2013 for the assessment year 2005-06, the Revenue has preferred the present tax appeal with the following proposed substantial questions of law:

(2.) That the assessee filed its return of his income under section 143(3) of the Income-tax Act (hereinafter referred to as "the Act"). That the regular assessment under section 143(3) of the Act was completed on December 26, 2007, determining the total income of the assessee at Rs. 90,06,460, after making additions of Rs. 33,90,267, on account of disallowance of commission/brokerage and Rs. 79,358 out of the administrative expenses. Subsequently, a ratification order was passed under section 154 of the Act on January 23, 2008, disallowing the interest on unsecured loans to the extent of Rs. 5,86,907. That the matter travelled till the Tribunal and the Tribunal deleted the addition on account of disallowance of commission to the extent of Rs. 31,63,732 and the interest on unsecured loans of Rs. 5,86,907. Thereafter, the Assessing Officer reopened the case under section 147 of the Act and issued a notice under section 148 of the Act on March 23, 2011, after recording the reasons, as noted hereinbelow.

(3.) That the assessee appeared before the Assessing Officer in the reassessment proceedings and furnished the necessary details. That, thereafter, the Assessing Officer passed the reassessment order and considered the income of the assessee at Rs. 1,10,31,811 and further passed an order to issue demand notice under section 156 of the Act as well as issued notice under section 274 read with section 271(1)(c) of the Act.