INCOME TAX ACT, 1961

Section 147

Reassessment - Validity - Reopening on the basis of wrong facts -

AO issued notice under section 148, for the reasons that assessee had not filed her return of income and that assessee had purchased a property amounting to Rs. 1.49 crores during financial year 2009-10. Accordinlgy, AO reopened assessment and made addition. Assessee callented this on the gorund of reopening on the basis of wrong facts.Held: Reasons given by AO for reopening of assessment were not correct since assessee had filed return of income on 30-3-2011. Assessee had also shown investment in agricultural land amounting to Rs. 52 lakhs in her balance-sheet as on 31-3-2010. Accordingly, reopening of assessment was not valid, accordingly, same was quashed.

Relied:Baba Kartar Singh Dukki Educational Trust v. ITO (2016) 158 ITR 965 (Chd-Trib) : 2015 TaxPub(DT) 3242 (Chd-Trib), Van Oord Dredging and Marine Contractors BV v. ADIT-ITA No. 495, 496/Mum/2016 (Mum-Trib.), dated 28-2-2018 and Shri Ram Mohan Rawat v. ITO ITA No. 1014/JP/2018 Order, dated 10-10-2019 (Jaipur) ; 2019 TaxPub(DT) 7404 (Jp-Trib).

REFERRED :

FAVOUR : In assessee's favour.

A.Y. :

SUBSCRIBE FOR FULL CONTENT