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These are the latest case laws decided by various Income Tax Appellate Tribunals (ITAT) of India on Income Tax which have been published recently. The case laws are open for discussion and we invite expert comments from our members on its applicability and effect on relevant issues.

05-09-2019, Saurabh Saini, Section 147, 148, 69A, Tribunal Delhi

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1 week 2 days ago #10713 by amit
Section - 147, 148, 69A
Order Date - 05-09-2019
Favouring - Assessee
Court - Tribunal Delhi
Appellant - Saurabh Saini
Respondent - ITO
Justice - BHAVNESH SAINI JM
Citation - 919Taxpundit43
Appeal No. - ITA.No.6003/Del./2018
Asstt. Year - 2010-2011

Order

PER : BHAVNESH SAINI

This appeal by assessee has been directed against the order of Ld. CIT(A)-1, Gurgaon, Dated 15th June, 2018 for the assessment year 2010-2011.

2. Briefly the facts of the case are that Department was in possession of the information that assessee had made cash deposits of Rs.9 lacs in his savings bank account maintained with Standard Chartered Bank and also made investment in purchase of shares of various companies amounting to Rs.11,87,530/- Therefore, source of the aforesaid cash deposit and purchase of shares remains unexplained by failure of assessee to file return of income. The assessment was reopened under section 147 of the Income Tax Act, 1961. The assessee claimed before assessing officer that he has made cash deposits of Rs 7,50,000/- on three dates only. The assessing officer accordingly made the addition of Rs.7,50,000/-.

3. The assessee challenged the addition before the Ld. CIT(A). The explanation of assessee and source is reproduced in the appellate order. The Ld. CIT(A), however, given benefit of Rs.40,000/- only on account of cash withdrawal from the account and confirmed the addition of Rs.7,10,000/-.

4. The assessee in the present appeal challenged the initiation of re-assessment proceedings under section 147/ 148 of the Income Tax Act and addition of Rs.7,10,000/-.

5. I have heard the Learned Representatives of both the parties and perused the material on record. It is well settled Law that validity of the re-assessment proceedings is to be determined with reference to the reasons recorded for reopening of the assessment. Learned Counsel for the Assessee filed copy of the reasons recorded for reopening of the assessment under section 148 of the income Tax Act.

The same reads as under

Reasons to issue notice U/s.148 of the I.T. Act, 1961 This is an NMS case. The Income tax Department has received information on financial activities relating to financial transaction of the assessee for the financial year 2009-10 relevant to assessment year 2010-11. As per this information the assessee has made cash deposits amounting to Rs.9,00,000/- to his savings bank account maintained with Standard Chartered Bank Grindlays Ltd., SCF-77. Sector-14, Gurgaon and has also made investment in purchase of shares of various companies amounting to Rs.11,87,530/-. From the ITD data base, it is found that assessee has not filed his return of Income for the A.Y. 2010-11. In this respect, NMS notice was issued to the assessee but no reply has been filed by the assessee.

As the assessee has not filed the return of Income, the source of cash deposits as well as investment in shares of various companies remains unexplained. Therefore, 1 have reason to believe that on account of failure on the part of the assessee to explain the source of cash deposits and investment in shares, income to the tune of Rs. 20,87,530/-, has escaped assessment for the A.Y. 200-11 within the meaning of Section 147 of Income Tax Act, 1961.

In view of above proceedings u/s. 147 of the I.T. Act, 1961, are hereby initiated against the assessee for the assessment year 2010-11 to bring to tax the undisclosed income of Rs.20,87,530/-.

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