Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (10) TMI 310 - AT - Income TaxReopening of assessment - Assessing Officer after receiving certain information through AIR data issued notice under section 148 of the Act - Held that:- The Assessing Officer in the present case has failed to provide the copy of reasons recorded for reopening of the assessment to the assessee and in view thereof, remedy available with the assessee to object to the reasons recorded for reopening of the assessment and duty of the Assessing Officer to deal with the said objections could not be taken care of. In view of the ratio laid down by the Hon’ble Bombay High Court in CIT Vs. Trends Electronics (2015 (9) TMI 1119 - BOMBAY HIGH COURT ), the reassessment order passed in the case of assessee is bad in law. Even otherwise, the Assessing Officer had completed reassessment proceedings against the assessee on the basis that the reasons were recorded in respect of deposit of sum of ₹ 2,29,806/- on 31.03.2007 in savings bank account with HSBC Bank. The assessee was asked to explain the same. However, the exact reasons recorded for reopening the assessment are at variance i.e. information was received from DIT(Systems) in respect of ₹ 2,29,806/- being received from HSBC Bank. The reassessment proceedings were completed against the assessee to explain the deposit of ₹ 2,29,806/- on 31.03.2007, whereas AIR information was in respect of amount received from HSBC Bank. On this ground also, reassessment proceedings completed against the assessee are bad in law and invalid. - Decided in favour of assessee
|