SANCHAL FORT & RESORT PRIVATE LIMITED,UDAIPUR vs. ITO WARD 2(3), UDAIPUR, UDAIPUR

ITA 555/JODH/2025Status: DisposedITAT Jodhpur14 August 2026AY 2012-1312 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the assumption of jurisdiction under Section 147 was invalid because it was based on a demonstrably incorrect foundational fact regarding the amount of share application money received. The reassessment order was quashed due to the vitiated jurisdiction.

What were the facts?

The Assessing Officer reopened assessment based on information that the assessee received ₹82,58,000 as share application money in FY 2011-12. However, the assessee's audited accounts showed only ₹22,75,000 was received in that year, with ₹82,58,000 being a subsequent outstanding balance.

What were the issues?

Whether the assumption of jurisdiction under Section 147 was valid when the reasons recorded were based on a factually incorrect premise regarding the amount of share application money received.

Which sections of the Income-tax Act were involved?

Section 147,Section 148,Section 68,Section 143(3)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, JODHPUR BENCH, JODHPUR

For Respondent: DR (Physical)

PER BENCH: The aforesaid appeal has been filed by the assessee against the impugned order dated 13.05.2025 passed by the learned CIT(A), NFAC, Delhi, in relation to the assessment order passed under section 143(3) read with section 147 of the Income-tax Act, 1961, for the Assessment Year 2012-13. 2. Though various grounds have been raised, the learned counsel before us has principally challenged the validity of assumption of juri iction under sections 147/148. His precise contention is that the reasons recorded by the Assessing Officer proceed on a foundational fact which is demonstrably incorrect from the 2 Asst. Year: 2012-13 contemporaneous record itself and, therefore, the very assumption of juri iction is vi

The order continues below.

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