SMT. HARSHIDABEN M. POBARU,JAMNAGAR. vs. DY. COMMR. OF INCOME TAX, CIRCLE-1, JAMNAGAR.

ITA 371/RJT/2018Status: DisposedITAT Rajkot25 June 2019AY 2011-126 pages
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What did the Tribunal hold?

The Tribunal held that the reopening of assessment under Section 147 was not justified as the AO formed his belief based on verification of existing case records, not on any new or tangible material from an external source. The Tribunal relied on the Gujarat High Court's decision in Deloitte Haskins & Sells.

What were the facts?

The Assessing Officer (AO) reopened the assessment for AY 2011-12 under Section 147 based on the observation that the assessee obtained a loan against gold jewelry, but no gold jewelry appeared in the balance sheet. The AO believed this indicated unexplained investment in gold jewelry.

What were the issues?

Whether the reopening of assessment under Section 147 was valid when based on reappraisal of existing records without fresh tangible material and whether the assessment was made beyond four years without failure on the part of the assessee to disclose material facts.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 147,Section 148,Section 69

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Income Tax Appellate Tribunal, RAJKOT BENCH, RAJKOT

Before: SHRI WASEEM AHMED

For Appellant: Shri Chetan L. Agarwal &, Shri Umesh C. Ravani, ARs, Shri Praveen Verma, Sr.DR
Hearing: 17/06/2019Pronounced: 25/06/2019

PER WASEEM AHMED, ACCOUNTANT MEMBER:

The captioned appeal has been filed at the instance of the Assessee against the order of the Learned Commissioner of Income Tax (Appeals), Jamnagar [Ld.CIT(A) in short] dated 14/08/2018 arising in the matter of assessment order passed under s. 143(3) r.w.s 147 of the Income Tax Act, 1961 (here-in-after referred to as "the Act") dated 20/07/2017 relevant to Assessment Year (A.Y) 2011-2012. The assessee has raised the following grounds of appeal: Asstt. Year 2011-12 2

‘’The impugned order is liable to be quashed

The order continues below.

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