2023 (2) TMI 752

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....against order dated 28.10.2022 passed by National Faceless Appeal Centre (National Faceless Appeal Centre (NFAC)), Delhi pertaining to assessment year 2011-12. 2. The dispute in the present appeal is confined to an addition of Rs.2,68,819 on account of cash deposited in the bank account. 3. Briefly, the facts are, in course of assessment proceedings under Section 147/143(3) of the Income-Tax....

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....t genuineness of loan and creditworthiness of the parties in respect of loan of Rs.32,65,500 remained unexplained, the Assessing Officer reopened the assessment under Section 147 of the Act. In response to notice issued under Section 148 of the Act, the assessee filed his return of income on 13.12.2018 declaring income of Rs.4,03,160. 4. Ultimately, the Assessing Officer completed the assessmen....

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....Vs.CIT (2011) 336 ITR 136 (Del.) - (2011) 242 ITR 117. 7. Learned Departmental Representative relied upon the observations of the Assessing Officer and learned Commissioner (Appeals). 8. I have considered rival submissions and perused the material available on record. 9. From the reasons recorded to reopen the assessment under Section 147 of the Act, a copy of which is placed in the paper....