SHRI. JITENDRA VIRWANI,BANGALORE vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(3), BANGALORE

ITA 46/BANG/2021Status: DisposedITAT Bangalore23 June 2021AY 2002-0340 pages
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What did the Tribunal hold?

The Tribunal held that the reopening of assessment was bad in law as it was based on suspicion and surmise without positive material to prove the assessee's ownership or beneficial interest in the bank account. Consequently, the reassessments were quashed.

What were the facts?

The Assessing Officer (AO) reopened assessments for AYs 2002-03 and 2003-04 based on information about an HSBC Bank, Geneva account allegedly maintained by the assessee and his ex-wife. The assessee denied ownership or operation of any such account.

What were the issues?

Whether the reopening of assessment under Section 147 was validly initiated and whether the addition made under Section 69 was justified based on the evidence presented.

Which sections of the Income-tax Act were involved?

Section 147,Section 148,Section 149,Section 69,Section 234D

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Income Tax Appellate Tribunal, “B” BENCH : BANGALORE

Before: SHRI CHANDRA POOJARI & SMT. BEENA PILLAI

For Appellant: Shri S. Ramasubramanian, CA
For Respondent: Shri Priyadarshi Mishra, Addl.CIT(DR)(ITAT), Bengaluru
Hearing: 16.04.2021Pronounced: 23.06.2021

Per Chandra Poojari, Accountant Member These two appeals by the assessee are directed against different orders of CIT(Appeals) for AYs 2002-03 & 2003-04. The grounds are common in both the appeals and only change in figures, which read as follows:-

AY 2002-03 “1. The CIT(A) erred both in Law and on the Facts of the case in upholding the re-opening of the assessment u/s. 147 of the Income-tax Act, 1961 (“Act”) made on 24.03.2014. ITA Nos. 46 & 47/Bang/2021 2. The CIT(A) erred in upholding the addition of income of Rs. 731845- u/s 69 of the Act and in levying an i

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