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2017 (4) TMI 1308 - AT - Income TaxReopening of assessment - unaccounted sales - validity of reasons to believe - Held that:- As decided in assessee's own case for AY 2005-06 all that the statement evidences was that delivery was given at some other address, other than the premises of H.K. Impex Pvt. Ltd., and that aspect of the matter was relevant from the point of view as to whether, for example, HK Impex Pvt. Ltd. actually exported these goods at all or not. In our considered view, therefore, the reasons recorded for reopening the assessment were factually incorrect. There was no legally sustainable basis for the Assessing Officer to hold the belief that there was any unaccounted sales. As a matter of fact, learned CIT(A) has not even sustained the additions as on account of “unaccounted sales” but as “unexplained credits”. The very foundation of impugned reassessment proceedings are thus devoid of legally sustainable merits. In view of these discussions, as also bearing in mind entirety of the case, we uphold the plea of the assessee and quash the impugned reassessment proceedings. - Decided in favour of assessee.
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