ITAT Pune overturns NFAC order, finds reopening of 2012-13 tax assessment unsustainable; appeal allowed. The ITAT Pune allowed the assessee's appeal against the NFAC's order under section 147 of the Income Tax Act, 1961, for AY 2012-13. The tribunal found the ...
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ITAT Pune overturns NFAC order, finds reopening of 2012-13 tax assessment unsustainable; appeal allowed.
The ITAT Pune allowed the assessee's appeal against the NFAC's order under section 147 of the Income Tax Act, 1961, for AY 2012-13. The tribunal found the reopening of the assessment unsustainable in law, as no addition was made for the reason of reopening. The appeal was allowed, rendering other arguments moot.
Issues involved: Appeal against assessment u/s 147 of the Income Tax Act, 1961 for AY 2012-13.
Summary: The appellate tribunal ITAT Pune heard the appeal of the assessee against the National Faceless Appeal Centre's order u/s 147 of the Income Tax Act, 1961. The assessee did not appear, leading to an ex-parte proceeding. The Assessing Officer initiated proceedings against the assessee for depositing cash in a bank in Pune. The re-assessment added alleged customer advances and interest received from fixed deposits. However, since no addition was made for the reason of reopening, the tribunal held the reopening itself as unsustainable in law, citing relevant case law. The appeal was allowed, rendering other merit-based arguments academic.
In conclusion, the tribunal allowed the assessee's appeal against the assessment for the relevant assessment year.
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