आयकर अपीलीय अिधकरण च(cid:7003)डीगढ़ (cid:7008)यायपीठ “ए” च(cid:7003)डीगढ़ , , IN THE INCOME TAX APPELLATE TRIBUNAL, CHANDIGARH BENCH “A”, CHANDIGARH HEARING THROUGH: VIRTUAL MODE (cid:7088)ी आकाश दीप जनै उपा(cid:7007)य(cid:6979) एवं (cid:7088)ी िव(cid:7059)म (cid:7410)सह यादव लखे ा सद(cid:7021)य , , BEFORE: SHRI. AAKASH DEEP JAIN, VP & SHRI. VIKRAM SINGH YADAV, AM आयकर अपील सं ITA NO. 465/Chd/2019 ./

िनधा(cid:6981)रण वष(cid:6981) Assessment Year : 2009-10 /

Impel Forge & Allied Industries Ltd. The DCIT बनाम D-2 Focal Point, Phase-V, Dhandari CC-1, Ludhiana Kalan, Ludhiana

(cid:830)थायी लेखा सं./PAN NO: AAACI3799R

अपीलाथ(cid:7278)/Appellant (cid:7079)(cid:7004)यथ(cid:7278)/Respondent

िनधा(cid:6981)(cid:7407)रती क(cid:7409) ओर से Assessee by : Shri Sarabjit Garg, CA /

राज(cid:7021)व क(cid:7409) ओर से Revenue by : Smt. Amanpreet Kaur, Sr. DR /

सुनवाई क(cid:7409) तारीख Date of Hearing : 05/02/2024 /

उदघोषणा क(cid:7409) तारीख Date of Pronouncement : 07/02/2024 /

आदशे Order /

PER VIKRAM SINGH YADAV, A.M. :

This is an appeal filed by the Assessee against the order of the Ld. CIT(A)-5, Ludhiana dt. 15/01/2019 pertaining to A.Y. 2009-10.

2. Briefly, the facts of the case are that the assessment in this case was originally completed under section 143(3) dt. 24/12/2010. Thereafter, basis certain information received from DIT (Intelligence & Criminal Investigation), Chandigarh, the AO recorded reasons regarding escapement of income and notice under Section 148 was issued to the assessee on 29/03/2014. Thereafter, the order under section 143(3) r.w.s 147 was passed on 25/06/2014 wherein share premium amounting to Rs. 7,00,000/- was treated as unexplained income and brought to tax under Section 68 of the Act.

3. Being aggrieved, the assessee carried the matter in appeal before the Ld. CIT(A) who has since sustained the said addition. Against the said findings and direction of the Ld. CIT(A), the assessee is in appeal before us.

4. In Ground No. 4, the assessee has challenged the action of the Ld. CIT(A) in upholding the reassessment order without appreciating that reassessment order was passed even before the assessee could file its objection to reasons so recorded and THE notice issued under Section 148 on the appointed date.

5. In this regard, the Ld. AR drawn our reference to the order of the AO wherein at para 2.1, it was stated that notice under section 148 was issued to the assessee on 29/03/2014. Thereafter, questionnaire along with notice under section 143(2) and 142(1) were issued on 06/06/2014 fixing the case for hearing on 12/06/2014 which was later on adjourned to 19/06/2014. Thereafter, another notice under section 143(2)/142(1) along with questionnaire were issued and reasons so recorded were supplied to the assessee on 20/06/2014 fixing the case for hearing on 24/06/2014 which was adjourned at the request of the assessee on 26/06/2014.

6. It was submitted that the assessee filed its objection to the reasons so recorded under section 148 on 26/06/2014 and copy of the objection so filed are placed at assessee’s paper book page no. 86 to 103 and by that time, the AO had already passed the reassessment order on 25/06/2014. It was submitted that it is therefore a case where the assessee was granted time to file its objection till 26/06/2014 and on the appointed date, the assessee did filed its objection, however before assessee could file its objection to the notice under section 148, the AO went ahead and passed the reassessment order under section 143(3) r.w.s 147 of the Act on 25/06/2014.

7. Per contra, the Ld. DR drawn our reference to para 2.2 of the assessment order wherein the AO has stated that the assessee through authorized representative attended the proceedings and furnished objections which have been examined and found not tenable by the AO as reasons have been recorded after independent application of mind by the AO on the basis of information in his possession. Moreover, issues raised by the assessee are discuss

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