SHILPA MANISH SHAH,MUMBAI vs. ITO, WARD 27(3)(3), NAVI MUMBAI

ITA 3089/MUM/2024Status: DisposedITAT Mumbai09 September 2024AY 2014-15Bench: SHRI NARENDRA KUMAR BILLAIYA, HON'BLE (Accountant Member), SHRI SUNIL KUMAR SINGH, HON'BLE (Judicial Member)1 pages
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What did the Tribunal hold?

The Tribunal held that the reopening of assessment under Section 147 was bad in law. The reasons provided for reopening were factually incorrect, and there was no tangible material to suggest escapement of income. The notice under Section 148 was therefore quashed.

What were the facts?

The assessee's original return for AY 2014-15 was processed u/s 143(1) and later selected for scrutiny under u/s 143(3), assessing total income. The AO later issued a notice u/s 148 to reopen the assessment, alleging that proportionate interest on interest-free loans advanced by the assessee had escaped assessment.

What were the issues?

Whether the reopening of assessment under Section 147 of the Income Tax Act is justified based on the material available with the Assessing Officer.

Which sections of the Income-tax Act were involved?

Section 147,Section 148,Section 143(3),Section 143(1),Section 2(40),Section 151

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Cases cited in this judgment(3)Show list

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Income Tax Appellate Tribunal, “K(SMC

Before: SHRI NARENDRA KUMAR BILLAIYA, HON’BLE & SHRI SUNIL KUMAR SINGH, HON’BLE

For Appellant: Ms. Neha Paranjpe
Hearing: 05.09.2024Pronounced: 09.09.2024

PERNARENDRA KUMAR BILLAIYA, AM This appeal by the assessee is preferred against the order of ld. CIT(A), Thiruvanantpuramdated 24.04.2024 pertaining to Assessment Year 2014-15. 2. The grievance of the assessee reads as under:-

1.

Legal: Reopening of the Assessment under section 147 of the Act is bad in law 1. The notice dated 30.03.2019 issued under section 148 of the Act is without juri iction and bad in law in absence of any tangible material to show that any income chargeable to tax has escaped assessment. Thus, the

The order continues below.

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