B.L. Khatri, Accountant Member - (1.) THESE are the cross appeals filed by the assessee as well as by the Revenue against the consolidated order of the ld. CIT(A)-I, Jaipur, dated 12.03.2004 for the assessment years 1996-97 and 1997-98. All these appeals pertain to the same assessee and involve common Grounds of Appeal, therefore, all these appeals are being decided through a consolidated order for the sake of convenience. ITA NOS: 277 & 272/JP/2004 (ASSESSEE'S APPEALS):
(2.) Ground Nos. 1A & 1C, common in both the appeals filed by the assessee, are regarding initiation of the proceedings under Section 147, read with Section 148 as bad in law and not supplying the reasons recorded by the AO under Section 148, which form the very basis of the reopening. We heard the rival submissions and also perused the record.
(3.) THE brief facts of the case are that the original returns were processed under Section 143(1)(a), and thereafter notices under Section 148 were issued for assessment year 1996-97 on 22.05.2001 and for assessment year 1997-98 on 14.05.2001. THE reasons have been recorded for reopening, which have been discussed in Para-3.2 at Page 5 of the order of the ld. CIT(A). THE appellant had filed returns under Section 148 withdrawing the excess claim of interest paid to Rajasthan Financial Corporation (RFC). THE reasons recorded were disclosed to the appellant vide AO's Office Letter No. 1591 dated 10.02.2003 (Refer AO Page-3 for assessment years 1996-97 and 1997-98). THE ld. C1T(A) had given the finding at Page-6 Para 3.3. of his order. THE point regarding furnishing of the reasons was discussed with the ld. A/R by the ld. CIT(A) with reference to the reasons recorded by the AO and it was observed by the ld. CIT(A) that whatever reasons have been recorded, the escaped income in respect of those reasons have already been disclosed by the appellant. THErefore, having regard to the facts of the case, we are of the opinion that the reasons have properly been recorded and copies of reasons recorded had also been supplied to the assessee. Thus, we find that the order of the ld. CIT(A) is not laconic in any manner. THE order of the CIT(A) is sustained for the reasons given therein.;