Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (12) TMI 1612 - AT - Income TaxValidity of re-assessment proceedings - unexplained deposits in bank - no addition on account of which the assessment was reopened - Held that:- A perusal of the reasons recorded by the AO as reproduced by him in the assessment order shows that the reopening was made on account of cash deposit of ₹ 19 lakh in the bank account of the assessee. However, the AO in the assessment order has made addition of ₹ 36,26,500/- on account of capital gain and interest income. Thus, there is no addition on account of which the assessment was reopened by issue of notice u/s 148 of the I.T. Act. There was no addition made in the assessment order on account of which the assessment was reopened but some other additions have been made by the AO, therefore, the AO does not have jurisdiction to make such other additions in absence of any addition made for which the assessment was re-opened in the light of the decision of Hon’ble Delhi High Court in the case of Ranbaxy Laboratory Ltd. [2013 (1) TMI 679 - DELHI HIGH COURT] - Decided in favour of assessee
|