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2011 (8) TMI 867 - AT - Income TaxAddition - Reopening - AO in the original assessment order dated 31-03-2003 noted that the case was reopened on the information received from the DDIT (Investigation), Baroda regarding demand draft purchased by the assessee from Baroda Traders Co-operative Bank Ltd. amounting to ₹ 70,000/- during the previous year relevant to the assessment year in question - assessee in the first round proceedings took up the matter before the Tribunal and filed confirmation from the bank that no such draft was purchased by the assessee - In the set aside proceedings the assessee again reiterated the same facts before the AO and explained that no such draft is purchased from Baroda Traders Co-operative Bank Ltd., therefore, belief of the AO for escapement of income was based on non-existent reasons - it would not be effected by the provisions of section 292B of the IT Act. - Decided in favor of the assessee
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