The Tax Publishers2020 TaxPub(DT) 2546 (Del-Trib)

INCOME TAX ACT, 1961

Section 147

Where no addition was made on account of share application money being the basis for issuing notice under section 148, therefore, addition made on any other count could not be sustained.

Reassessment - Validity - No addition on subject-matter being basis for issuing notice under section 148, rather AO made addition on other counts -

AO reopened assessment by issuing section 148 notice so as to make addition on account of unexplained share application money. However, while framing reassessment AO made no addition on that count, rather made addition on account of inter corporate deposits and interest accrued thereon. Held: As no addition was made on account of share application money being the basis for issuing notice under section 148, therefore, addition made on any other count could not be sustained.

Applied:Ranbaxy Laboratories Ltd. v. CIT (2011) 336 ITR 136 (Del.) : 2011 TaxPub(DT) 1457 (Del-HC) and CIT v. Jet Airways (I) Ltd. (2010) 331 ITR 236 (Bom.) : 2011 TaxPub(DT) 0218 (Bom-HC).

REFERRED :

FAVOUR : In assessee's favour.

A.Y. : 2005-06

IN THE ITAT, DELHI BENCH

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