TaxTMI 
TaxTMI 
2025 (5) TMI 876
X X X X Extracts X X X X
X X X X Extracts X X X X
....nder section 147 read with section 144B of the Income Tax Act, 1961 (hereinafter referred to as "the Act") relating to the assessment year 2015-16. 2. Brief facts of the case are that e-assessee is an individual who has filed his original Return of Income for the Asst. Year 2015-16 on 26.09.2025 declaring total income of Rs. 2,71,630/-. The return was taken up for limited scrutiny assessment and regular assessment u/s. 143(3) of the Act was completed on 29.9.2017 accepting the returned income. It is thereafter, the assessment was reopened by issuance of notice dated 26.3.2021 issued under section 148 of the Act, recording the reason that the investment in immovable property is not declared in the Return of Income. In response, the assess....
X X X X Extracts X X X X
X X X X Extracts X X X X
....e the ld.CIT(A) who has confirmed the addition made by the AO. Aggrieved with the appellate order, the assessee is in appeal before us raising the following Grounds of Appeal: "1. The Ld. AO has erred in law and on facts of the case in reopening the assessment u/s. 147 of the Act. Under the facts and circumstances of the case, the action of reopening is without jurisdiction and is not permissible either in law or on facts. 2. The Ld. CIT(A) has erred in law and on facts of the case in confirming action of the Ld. AO in making addition of Rs. 39,50,333/- u/s. 56(2)(vii)(b)(ii) of the Act. 3. Both the lower authorities failed to appreciate that there is no "receipt" of immovable property by the appellant as contempl....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... Ld. CIT(A) has erred in law and on facts of the case in confirming action of the Ld. AO in initiating penalty proceedings u/s. 271(1)(c) of the Act. The appellant craves leave to add, amend, alter, edit, delete, modify or change all or any of the grounds of appeal at the time of or before the hearing of the appeal. 4. The ld. Senior Counsel Sri Tushar Hemani appearing for the assessee submitted before us that the original assessment was completed in the above case, after calling for investment details in purchase of property by the AO dated 29.09.2017. It is, thereafter, the assessment was reopened after a period of four years, that too on a wrong assessee. Thus, there is no failure on the part of the assessee in not disclosing....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... jointly, one among them is assessee's minor son Varun Yogesh Bhansali. As per the Sale Deed, the land was purchased for Rs. 1,21,00,000/- whereas stamp duty valuation of the land was Rs. 2.55 crores. Thus, there is a difference of Rs. 1.34 crores and 1/3rd shares of minor son is Rs. 44,66,666/- which has escaped the assessment, thereby the assessment was reopened in the case of the assessee and made addition of Rs. 44,66,666/- under section 56(vii)(b)(ii) of the Act. During the course of reassessment proceedings, the assessee categorically explained that the minor son's income was clubbed with the return of income filed as per clause (a) of Explanation to section 64 of the Act, in the hands of the mother, therefore, reopening of minor son'....
X X X X Extracts X X X X
X X X X Extracts X X X X
....e an opportunity of being heard in case you wish to make any additions in this regard." 6.1 Further, the income-tax return filed by the mother Smt.Purvi Y. Bhansali on 08.08.2015, wherein the minor son Varun's income is also shown by her, which is available at page no.198 of the paper book. The assessee also explained in his reply letter dated 27-01-2022 to the show cause notice, produced copy of the Purchase Agreement dated 19-01-2015; Axis Bank statement of minor Varun Y Bhansali from 01-01-2015 to 31-03-2015 wherein claimed the acquisition of property was loan taken from his uncle Piyush M Bhansali who is the Proprietor of Bhansali Associates. Without verification of the above details and records furnished by the assessee, the ld.AO p....