The Appellate Tribunal considered the issue of reopening ...

Assessment reopened u/s 147 for undisclosed income source of property investment. AO lacked jurisdiction for additional tax.

June 14, 2024

Case Laws Income Tax AT

The Appellate Tribunal considered the issue of reopening assessment u/s 147 based on the belief that the investment in a property was from undisclosed income. However, the assessee provided evidence that the investment was from disclosed sources. The AO did not challenge this but made an independent addition u/s 56(2)(vii)(b) for the property's valuation difference. The Tribunal held that since the AO did not question the source of investment, he lacked jurisdiction to make the additional assessment. The AO's order u/s 144 r.w.s. 147 was deemed invalid, and the appeal was allowed.

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The Appellate Tribunal considered the issue of reopening ...

Assessment reopened u/s 147 for undisclosed income source of property investment. AO lacked jurisdiction for additional tax.

June 14, 2024

Case Laws Income Tax AT

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