2018 (11) TMI 1236

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..../143(3) of the Income Tax Act, 1961 (in short "the Act") dated 29.01.2016 for the Assessment Year 2011-12. 2. The only effective issue involved in this appeal of the revenue is as to whether the ld CITA was justified in holding the re-assessment framed in the hands of the assessee as bad in law, in the facts and circumstances of the case. 3. The brief facts of this appeal is that a notice u/s 148 of the Act dated 15.10.2014 was served on the assessee on 17.10.2014 on the ground that there were certain cash deposits in the bank account maintained with Axis Bank , Berhampore Branch for the financial year 2010-11 to the tune of Rs. 76,35,000/- based on AIR information and accordingly, the ld AO concluded that he had reason to believe tha....

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....longing to him in the sum of Rs. 76,35,000/-. The assessee further reiterated vide separate letter dated 8.6.2015 opposing that he is not holder of bank account in Axis Bank and also enclosed a copy of compliant lodged against Shri Sumit Chaterjee (PAN AHDPC4883D) by him before Berhampore Police Station vide GDE / CASE No. 2384 dated 23.5.2013. The assessee also appeared personally before the ld AO and filed a written submission explaining the entire facts of the case with a request to drop the proceedings initiated against him as his annual income is not more than Rs. 36,000/- and by reiterating that the deposits in the Axis Bank in the sum of Rs. 76,35,000/- does not belong to him and were indeed done by Shri Sumit Chaterjee without his k....

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.... his signature on 17.10.2014 with the departmental notice server and the notice u/s 142(1) was issued on 06.10.2015 and served by post (with acknowledgement). In response of the said notices the assessee appeared without submission of any return of income . He submitted some other documents and an affidavit. As no return of income was submitted in response of the notice u/s 148 and 142(1) , there was no scope for the issuance of notice u/s 143(2)." 5. The ld CITA on perusal of the records and the facts of the present case, found that no notice was issued u/s 143(2) of the Act by the ld AO after the issuance of notice u/s 148 of the Act and accordingly cancelled the reassessment framed by the ld AO in the hands of the assessee as bad in l....