| |
| The Tax Publishers2019 TaxPub(DT) 8335 (Jp-Trib) : (2020) 204 TTJ 0464 : (2020) 077 ITR (Trib) 0133 INCOME TAX ACT, 1961
Section 147
Despite all the facts recorded for reopening of assessment, AO had nowhere alleged that income assessable to tax had escaped assessment due to reasons of failure of assessee to disclose fully and truly all material facts necessary for assessment, therefore, reopening after 4 years was not sustainable as same was hit by proviso to section 147.
|
Reassessment - Beyond four years - Reason to believe - No allegation of failure to disclose fully and truly all material facts
AO reopened assessment after expiry of four years from the end of relevant assessment year on the ground that AO had formed belief as per details recorded in seized material in respect of land purchase and payment by Saini family members and extrapolated the same to presume that said cash payment of Saini brothers and father was sourced from payment made by assessee in respect of land purchases from Saini family members.Held: Despite all the facts recorded for reopening of assessment, AO had nowhere alleged that income assessable to tax had escaped assessment due to reasons of failure of assessee to disclose fully and truly all material facts necessary for assessment, therefore, reopening after 4 years was not sustainable as same was hit by proviso to section 147.
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2007-08 & 2008-09
IN THE ITAT, JAIPUR BENCH
VIJAY PAL RAO, J.M. & VIKRAM SINGH YADAV, A.M.
Tarun Goel v. ITO
ITA Nos. 245 to 247, 265, 274-275/JP/2017
3 December, 2019
In favour of assessee.
Appellant by: Rohan Sogani , C.A.
Respondent by: B.K. Gupta, CIT & Runi Pal, JCIT
Per Bench
These three set of cross appeals are directed against three separate orders of the learned Commissioner (Appeals), Ajmer dated 11-1-2017 in three related assessees for the assessment years 2007-08 & 2008-09 respectively.
 SUBSCRIBE FOR FULL CONTENT
|