TaxTMI 
TaxTMI 
TaxTMI 
2024 (6) TMI 654
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...., Delhi has grossly erred both in law and on facts in upholding the unlawful and factually misconceived reassessment order u/s 147 being passed by the learned assessing officer for the AY 2010-11, and not appreciating the fact that as on the date of issue of notice u/s 148 of the Income Tax Act, on 29.3.2017, the Ld. AO was not having any material, information or evidence whatsoever, in order to form his independent reasonable belief that any income of the appellant had escaped assessment, as the information from ITO(I and C1.), Jodhpur, vide their letter no. ITO(I and CI)/JDH/2016-17/2166, which formed the sole basis for initiating the reassessment proceedings, had been received by the Ld. AO only on 30.3.2017, as acknowledged by the Ld. A....
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....stainable, as the Ld. AO had not made any additions in respect of the primary ground of alleged unexplained sources of funds of Rs. 23,50,000/-, as per the reasons for reopening the assessment for the AY 2010-11, recorded u/s 147 of the Income Tax Act, 1961. v) That the learned CIT (Appeals), NFAC, Delhi has erred both in law and on facts in remanding back the reassessment order u/s 147 to the Assessing Officer for fresh adjudication, in respect of the arbitrary and unlawful addition of Rs. 8,15,000/-, made by the Assessing Officer as undisclosed income u/s 56 of the Income Tax Act, on account of assuming the sale proceeds of equity shares as unexplained, contrary to the documentary evidences, being furnished and placed on record before t....
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....y the appellant, during the re-assessment as well as appellate proceedings. The Appellant craves leave to add, alter, vary, or amend the above ground of appeal, at or before the time of hearing of appeal." 3. Brief facts of the case are that, the assessee is a medical practitioner, filed his return for Assessment Year 2010-11 declaring an income of Rs. 5,46,080/-. The case was reopened u/s 147 of the Income Tax Act, 1961 ('Act' for short) and the A.O. vide assessment order dated 29/12/2017 made addition of Rs. 8,15,000/- u/s 56 which was routed through the Demat accounts and then claimed as Long Term Capital Gain, addition of Rs. 22,38,000/- made u/s 56 of the Act as the same was unexplained, further made addition of Rs. 20,70,000/- u/s ....
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....d no information or material in his possession to reason to believe that any income of the Assessee for the year under consideration had escaped assessment. The assessment u/s 147 of the Act for reopening of the assessment or reassessing the income can be exercised by the A.O. only on the information of a reason to believe that any income of the assessee has escaped assessment and in the absence of formation of such reason to believe by the A.O, provisions of Section 147 cannot be invoked. The Ld. Counsel has relied on following judicial pronouncement of Hon'ble Supreme Court and Hon'ble High Court. (i) Johri Lal (HUF) vs. CIT, 88 ITR 439 (SC). (ii) Sheo Nath Singh vs. AAC, 82 ITR 147 (SC). iii) Ganga Saran & Sons (P) Ltd. vs.....
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....e date of issuance of notice is mentioned as '29/03/2017' which is reproduced as under:- The assessee has also produced reasons for reopening at Page 4 of the paper book. As per the reasons for reopening, the A.O. 'received information from 'ITD (I&CI) Jodhpur vide their letter No. ITO (I &CI)/JDH/2016-17, 2166 dated 30/03/2017 through e-mail'. The reasons for reopening is produced as under:- 7. From the plain reading of the notice u/s 148 of the Act dated 29/03/2017 and the reasons recorded u/s 147, the inference can be drawn that, as on the date of issuance of notice u/s 148 of the Act dated 29/03/2017, the Ld. A.O. was not having any information, material or evidence in his possession so as to form a Reason to Believe that any income o....