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30-08-2019, V.Srinivasu, Section 147, 148, Tribunal Visakhapatnam

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1 week 4 days ago #10683 by amit
Section - 147, 148
Order Date - 30-08-2019
Favouring - Revenue
Court - Tribunal Visakhapatnam
Appellant - V.Srinivasu
Respondent - ITO
Justice - V. DURGA RAO JM & D.S. SUNDER SINGH AM
Citation - 919Taxpundit13
Appeal No. - I.T.A.No.545/Viz/2014
Asstt. Year - 2007-08

Order

PER : D.S.Sunder Singh

This appeal is filed by the assessee against the order of the Commissioner of Income Tax (Appeals) [CIT(A)], Visakhapatnam vide I.T.A. No.1005/2013-14/ITO,W-2(2),VSP/2014-15 dated 16.09.2014 for the Assessment Year (A.Y.)2007-08.

2. During the appeal hearing, the assessee raised additional ground challenging the validity of issue of notice u/s 148 of the Income Tax Act, 1961 (in short ‘Act’) and argued that the additional ground is a legal ground which goes to the root of the assessment made by the Assessing Officer (AO) and the complete facts are available in the assessment records with the lower authorities and no verification or investigation is required to adjudicate the ground. Therefore requested to admit the additional ground in the interest of justice.

3. We have heard both the parties and perused the material placed on record. The additional ground raised by the assessee is stated to be purely legal ground which does not require further investigation. Therefore, we admit the addition ground The additional ground raised by the assessee reads as under :

“On the facts and in the circumstances of the case whether the notice issued u/s 148 is liable to be quashed as invalid and consequently whether the entire reassessment proceedings are liable to be quashed as void-ab-initio?”

4. The additional ground is related to the validity of issue of notice u/s 148 of the Act. The assessee contends that notice issued u/s 148 is invalid, hence required to be quashed. During the appeal hearing the assessee submitted that the case was reopened for assessment of unexplained source of deposits in Canara Bank amounting to Rs.31.00 lakhs. The AO formed a belief because of the reason that the assessee was the GPA holder and transferred the property in the same capacity, thus, the sources of deposits made in Canara Bank cannot be made from the sale proceeds, thus the source remained unexplained and accordingly issued the notice u/s 148 of the Act. The Ld.AR further submitted that since, the AO had reopened the assessment for escaping the income representing the deposits the same required to be taxed as unexplained source of investment. Since he did not make any addition on account of unexplained source of investment, the notice issued u/s 148 is to be treated as invalid and the AO is not permitted to make any other addition unless the AO makes addition representing unexplained source of investment. Accordingly argued that the notice issued u/s 148 is invalid and the belief formed by the AO is contrary to the information contained in the material considered by him for reopening the assessment and does not have any live nexus with such information. Hence, argued that the notice issued u/s 148 is invalid and required to be quashed.

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