The Appellate Tribunal examined the reopening of assessment u/s...

The Appellate Tribunal examined the reopening of assessment u/s 147 beyond the limitation period, involving the addition of cash deposits in the assessee's savings bank account as unexplained investment u/s 69. The Tribunal held that the Assessing Officer had attempted to serve the notice within the stipulated six-year time frame from the end of the assessment year, indicating escapement of income. However, the Tribunal found force in the contention that the jurisdiction vested with the ITO, W-1(3) could not be validly transferred to ACIT-1(1) without a proper order u/s 127. Furthermore, no valid reopening notice was issued by the ACIT-1(1) within the stipulated time. Consequently, the ACIT-1(1) lacked valid jurisdiction to frame the assessment u/s 144 read with Section 147. The Tribunal quashed the assessment framed by the ACIT-1(1) for want of valid assumption of jurisdiction and refrained from addressing the other grounds of appeal challenging the additions/disallowances made by the Assessing Officer and sustained by the CIT(A), leaving them open.