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2023 (9) TMI 961 - DELHI HIGH COURTReopening of assessment u/s 147 - AO appears to have formed the view that income which is otherwise chargeable to tax, has escaped assessment - It is the petitioner's case that he has moved from Quetta in West Pakistan. While moving to India, he brought with him cash amounting to approximately Rs.27,50,000/-, and jewellery weighing 150 grams. So far as the cash is concerned, Rs. 27,50,000 was deposited by the petitioner in Bank of India, Khanpur Branch, Delhi - as guided petitioner could take recourse to a statutory appellate remedy. HELD THAT:- It is the cash and the value of the jewellery, as arrived at on 01.04.2015, that forms the income, which is said to have escaped assessment. AO has valued the jewellery at Rs.3,85,500/-, which has been added to Rs. 27,00,000/-, i.e., cash brought by the petitioner from Pakistan. Consequently, the escaped income was pegged, as noticed above, at Rs. 30,85,500/-. Since an assessment order has been passed, as indicated to Mr Shafiq Khan, petitioner, that the petitioner could take recourse to a statutory appellate remedy. Mr Khan says that u/s 251 the appellate authority will not be able to set aside the impugned assessment order dated 31.05.2023. According to us, prima facie, this is a misreading of the provision. The provision, inter alia, confers power of annulment on the appellate authority. The expression "annul" is wider in scope than the power to set aside. We have queried Mr Khan as to how the petitioner got Indian currency into the country, and deposited the same in the aforementioned bank. As assessee says that he will obtain instructions in that regard. List the matter on 11.09.2023.
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