KASHI NATH SETH SARRAF PRIVATE LIMITED,HARDOI vs. DCIT, SITAPUR, SITAPUR

ITA 86/LKW/2024Status: DisposedITAT Lucknow12 March 2026AY 2012-1311 pages
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What did the Tribunal hold?

The Tribunal held that the reassessment proceedings under Section 147 were not valid because they were initiated after the expiry of four years and there was no failure on the part of the assessee to disclose material facts. The addition was deemed to be based on a 'change of opinion'.

What were the facts?

The assessee received share application money of Rs. 50,00,000/-. The Assessing Officer (AO) reopened the assessment under Section 147 and made an addition of this amount. The Commissioner of Income Tax (Appeals) dismissed the assessee's appeal against this addition.

What were the issues?

Validity of reassessment under Section 147 after four years, particularly when the issue was already examined in the original assessment under Section 143(3), and whether it amounts to a 'change of opinion'.

Which sections of the Income-tax Act were involved?

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

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Cases cited in this judgment(3)Show list

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Income Tax Appellate Tribunal, LUCKNOW BENCH “B”, LUCKNOW

Before: SHRI KUL BHARAT & SHRI ANADEE NATH MISSHRA

PER ANADEE NATH MISSHRA, A.M.: (A). This appeal vide I.T.A. No.86/LKW/2024 has been filed by the assessee for assessment year 2012-13 against impugned appellate order dated 20.12.2023 (DIN & Order No.ITBA/NFAC/S/250/2023-24/1058934744(1) of Ld.

Commissioner of Income Tax (Appeals) [“CIT(A)”, for short]. (B) In this case, assessment order dated 28.12.2019 was passed u/s 147 read with section 143(3) of the Income Tax Act, 1961 (“Act”, for short) whereby the assessee's total income was determined at Rs.78,18,230/- as against income assessed at Rs.28,18,230/- vide earlier assessment order dated 18.02.2015 passed u/s 143(3) of I.T. Act. In the aforesaid assessment or

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