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2023 (3) TMI 1112 - HC - Income TaxReopening of assessment u/s 147 - Reasons to believe - unexplained purchase of flat - HELD THAT:- AO has failed to take into account the material on record, i.e., the objections filed by the petitioner and the response given by him to the notice dated 24.09.2019 issued under Section 133(6) of the Act. The petitioner not only explained the source of his income but also adverted to the periodicity of the instalments remitted towards purchasing the Flat. AO, for some unknown reason, has dealt with these assertions, which were backed by facts and figures, cursorily, to say the least. The petitioner had claimed that he had consistently disclosed the Flat as an asset and, accordingly, claimed depreciation qua the same; an aspect for some inexplicable reasons, the AO failed to notice and deal with. The injury to the respondent is compounded by the fact that respondent no. 2 while sanctioning the commencement of reassessment proceedings, has simply rubber-stamped the proposal We are inclined to accept the submissions made by Mr Syali that this was not a fit case for triggering reassessment proceedings, contrary to what has been held by respondent no.2. More so, the material placed on record by the petitioner had, in our opinion, failed to establish a nexus with the belief formed by respondent no. 1, that the income chargeable to tax in the relevant AY, i.e., AY 2016-17, had escaped assessment. Decided in favour of assessee.
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