Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2020 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (11) TMI 609 - AT - Income TaxReopening of assessment u/s 147 - unexplained cash credit u/s 68 - whether no recording in the reason for re-opening that there was failure on the part of the assessee truly and fully in disclosing material facts required for the assessment? - HELD THAT:- As relying on M/S. PREMIER VYAPAAR PVT. [2018 (11) TMI 479 - ITAT KOLKATA] and M/S. V2 RETAIL LTD. [2020 (1) TMI 685 - ITAT KOLKATA] we hold that the re-opening is bad in law, arbitrary, erroneous since no allegation of failure on the part of the assessee fully and truly in disclosing material facts as stipulated by the first provision of section 147 of the Act is present in the reasons recorded for such reopening. AO failed to satisfy the precondition of statutory provisions as discussed above for usurping the jurisdiction and therefore, the entire proceeding is void-ab-initio and liable to be quashed. We find no justification in such re-opening. The same has no legs to stand upon and hence the entire re-assessment proceeding is quashed. - Decided in favour of assessee.
|