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2016 (12) TMI 1898 - ITAT RANCHIReassessment u/s. 148 - addition by estimating the income of the assessee @ 4% in place of 2.2% shown by the assessee - HELD THAT:- As find from the reassessment order framed by the AO that no addition was made by him on the ground of the above reasons recorded but the addition was made by the AO by estimating the income of the assessee @ 4% in place of 2.2% shown by the assessee. Therefore, the decision in the case of Mohd Juned Dadani [2013 (2) TMI 292 - GUJARAT HIGH COURT] & case of jet Airways (I) Ltd. [2010 (4) TMI 431 - HIGH COURT OF BOMBAY] clearly apply to the facts of the assessee’s case. Thus assuming jurisdiction to frame an assessment u/s. 147 of the Act, what is essential is a valid reopening of a previously closed assessment. If the very foundation of the reopening is knocked out, any further proceedings in respect to such assessment naturally would not survive. Decided in favour of assessee.
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