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2018 (10) TMI 1724 - ITAT JAIPURValidity of the assessment made u/s 147 - protective assessments - undisclosed cash - HELD THAT:- The report of the ACB though is a relevant material evidence, however, since the said report is only a report and not a decision as the same is subjected to scrutiny of the court of law in the trial which is yet to be conducted and, therefore, until and unless the fate of the report of the ACB is decided by the court of law, the said report cannot be the sole basis of the assessment framed by the AO - report of the Investigation Wing has not brought any new fact but it is just reproduction of the facts as recorded by the ACB in the search memo. Thus the report of the ACB has to be tested the scrutiny of the court of law in the trial and, therefore, the said report can be relevant material but cannot be a sole basis for assessment. AO has not conducted a proper enquiry in this matter as no independent examination or investigation was carried out by the AO prior to the completion of the reassessment. Hence, we set aside this matter to the record of the AO for denovo assessment after conducting a proper enquiry and investigation and allowing a proper opportunity of hearing to the assessee.
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