M/S. HOME DEVELOPERS PVT. LTD.,NEW DELHI vs. ACIT, NEW DELHI

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ITA 4957/DEL/2015Status: DisposedITAT Delhi21 February 2020AY 2006-078 pages

In favour of the assessee: the assessee's appeal was allowed. From the AI summary of this appeal.

AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the reopening of assessment was bad in law as the mandatory sanction from the Commissioner under Section 151 was not obtained. The Tribunal drew an adverse inference against the Revenue for failing to produce the required record.

What were the facts?

The assessee's case was reopened for reassessment under Section 147 after the original assessment under Section 143(3). The reopening was based on information from the Investigation Wing regarding accommodation entries. The Assessing Officer made additions under Section 68 and for commission.

What were the issues?

Whether the reassessment proceedings were validly initiated without the requisite sanction from the Commissioner under Section 151. Whether the additions made under Section 68 and for commission were justified.

Which sections of the Income-tax Act were involved?

Section 147,Section 148,Section 151,Section 68

AI-generated summary — verify with the full judgment below

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Income Tax Appellate Tribunal, DELHI BENCH “C” NEW DELHI

Before: SHRI BHAVNESH SAINI & SHRI PRASHANT MAHARISHI

Hearing: 14.02.2020

Order pronounced in the open court.

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