TaxTMI 
TaxTMI 
2023 (1) TMI 960
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....13, filed against the Assessment Order, dated 13.12.2019, passed under Section 143(3) read with Section 147 of the Income Tax Act, 1961 (hereinafter referred to as "the Act"). 2. The Appellant has raised following grounds of appeal: 1. The Ld. CIT(A) has erred in confirming the addition of Rs. 3,23,000/- being an amount which was pertaining to assessment year 2011-12 but was taxed in the assessment year 2012-13 on receipt basis. Ignoring the fact that the said Income accrued in the assessment year 2011-12 and was merely received in the impugned assessment year i.e. Assessment year 2012-13. 2. The Ld. CIT (A) erred in confirming the reopening proceedings initiated by the Ld A.O. without verifying and conducting independent enquiries the....
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....g the proceedings, the Appellant was asked to show cause why interest should not be treated as income. In response, the Appellant submitted that interest income did not pertain to the Assessment Year 2012-13. However, the Assessing Officer was not convinced and therefore, made an addition of INR 3,23,800/- in the hands of the Appellant vide order, dated 13.12.2019, passed under Section 147 read with Section 143(3) of the Act. 5. Being aggrieved, the Appellant preferred appeal against CIT(A) challenging the reopening of assessment under Section 147/148 of the Act and the aforesaid addition of interest income of INR 3,23,800/-. Vide order, dated 14.06.2022, the CIT(A) dismissed the appeal holding that the reassessment proceedings were initia....
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....Rs. 3,23,800/- from her husband, Shri Vinod S. Tibrewala vide cheque dated 29/07/2011 (Rs.2,00,000) and on 24/02/2012 (Rs. 1,60,000). Both the cheques as per the submission of the assessee dated 01/12/2018 filed before the ITO-34(3)(5), Mumbai are drawn on Kotak Mahindra Bank and out of total interest of Rs. 3,60,000/- Rs. 3,23,800/- refers to interest received from her husband Shri Vinod Tibrewala. 3.1 The assessee vide this office notice u/s 142(1) dt 30/11/2019 was asked to file loan confirmation of her husband Shri Vinod S. Tibrewala for F.Y. 2011-12 relevant to A.Y. 2012-13. However, no such confirmation has been filed by the assessee from her husband. The assessee vide this office show cause notice dt. 08/12/2019 was asked as to wh....
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....us year relevant to the Assessment Year 2012-13. The Assessing Officer made the addition for the reason that the Appellant failed to furnish evidence to show that the aforesaid income has been offered to tax for the Assessment Year 2011-12. However, we note that the Assessing Officer had noted the fact that it was further seen from the (internal) system that the Appellant had not filed return of income for the Assessment Year 2011-12. Therefore, the Assessing Officer could not have produced the income tax return for the Assessment Year 2011-12. In any case, the test to be applied was not whether the interest income was offered to tax for the Assessment Year 2011-12, but whether the interest income pertained to Assessment Year 2012-13. The f....