2017 (3) TMI 1389

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....evenue is aggrieved by an order of the Income Tax Appellate Tribunal (ITAT) which affirmed the CIT(A)'s order, setting aside an addition of Rs. 1 crore made by the Assessing Officer (AO) in the circumstances of the case. The assessee's returns for AY 2003-04 were sought to be reopened upon an information received from the Investigation Wing. After reassessment, a notice under 143(2) was issued to ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... further explained that the deposits were received by cheque and refunded to those parties the Miller Traders Pvt. Ltd. and Mayank Services Ltd. after 2-3 years. The details which are given by the appellant is annexed to this order. The company was trying to modernize the Appu Ghar at Pragati Maidan under the name International Amusement Ltd. for which he had arranged this fund of Rs. 1 crore of t....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....of being heard which is the basis requirement of law. Hence addition of Rs. 1 crore is deleted." The ITAT concurred with the CIT(A)'s order. Learned counsel urges that the ITAT fell into error in holding that there was sufficient material to justify the reassessment notice. It is submitted that reliance placed upon the Investigation Wing's report that in turn was based upon information, was unav....