2026 (7) TMI 401

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.... the facts and in the circumstances of the case and in law, National Faceless Appeal Centre ('NFAC') erred in confirming validity of assessment framed u/s. 148 of the Act. 2. On the facts and in the circumstances of the case and in law, National Faceless Appeal Centre ('NFAC') erred in not condoning delay of 127 days in the filing of the appeal before it. 3. On the facts and in the circumstances of the case and in law, National Faceless Appeal Centre ('NFAC') erred in confirming addition u/s. 69-A in a sum of Rs. 2,82,95,535/-." (A.1) The present appeal has been filed beyond the time prescribed under section 253(3) of the Income Tax Act, 1961 (the Act). The assessee has filed application for cond....

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....essing Officer rejected the assessee's reply on the ground that it lacked corroborative evidences. The Assessing Officer went ahead and passed the aforesaid assessment order dated 28.03.2022 wherein the aforesaid amount of Rs. 2,82,95,935/- was added. The assessee's appeal against the aforesaid assessment order dated 28.03.2022 was dismissed by the learned CIT(A) vide impugned appellate order dated 12.02.2025. The present appeal has been filed by the assessee against the aforesaid impugned appellate order of the learned CIT(A). In the course of appellate proceedings in Income Tax Appellate Tribunal ['ITAT' for short] foregoing documents were filed, from the assessee's side. No. DOCUMENT BEFORE PAGE 1. Notice u/s. 142(1) da....

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....alling for the information basing on the information of cash deposits made by the assessee amounting to Rs. 2,82,95,535/-in his possession. In response, the assessee has complied with on 12-11-2018 and explained that the sources for the cash deposits were made out of the fee collections of the students who deposit the fee directly into the bank account of the college. Further explained that the books of accounts have been audited and copy of the final audit statement alongwith audit report is already deposited. The entire fee collections is deposited in cash at bank counter and the amount of deposit of cash is properly accounted for. The required documents have been provided for your verification. The assessee has also filed the power of at....

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....ange of opinion of the earlier view taken by the Assessing Officer in the earlier assessment order dated 27.11.2018. By doing so, the Assessing Officer travelled beyond the scope of the reassessment proceedings under section 147 of the Act. In view of the foregoing, it is held that the initiation of reassessment proceedings under section 147 of the Act was not valid in the eyes of law. Accordingly the aforesaid assessment order dated 28.03.2022 is hereby annulled. (E.1) Even on merits, we find that the Assessing Officer issued a show-cause notice on 25.03.2022 (Friday) and passed the assessment order, in a hasty manner, on 28.03.2022 (Monday) leaving only two days in the intervening period i.e. 26th and 27th March, which were holidays on....