SRI.PARAYARUKANDY VETTATH GANGADHARAN,CALICUT vs. THE DCIT CIRCLE-1(1), CALICUT

ITA 157/COCH/2023Status: DisposedITAT Cochin12 April 2024AY 2007-08Bench: Shri Sanjay Arora (Accountant Member), Shri Manomohan Das (Judicial Member)15 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the reassessment proceedings were validly initiated under section 150(1) read with section 153(3)(ii) of the Act. It was also held that the condition of the partner being heard was met when the firm, in which he was a partner, was heard.

What were the facts?

The assessee's appeal contested a reassessment under section 147 for AY 2007-08, concerning deemed dividend under section 2(22)(e). The original addition in the firm's hands was deleted by the Tribunal, which then directed reassessment in the hands of individual partners.

What were the issues?

Whether the reassessment proceedings initiated against the assessee were time-barred, and whether the requirement of providing an opportunity of being heard to the assessee was satisfied.

Which sections of the Income-tax Act were involved?

Section 147,Section 143(3),Section 2(22)(e),Section 150(1),Section 153(3)(ii)

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Income Tax Appellate Tribunal, COCHIN BENCH, COCHIN

Before: Shri Sanjay Arora & Shri Manomohan Das

For Appellant: Shri Suresh Kumar C., CA
For Respondent: Smt. J.M. Jamuna Devi, Sr. D.R
Hearing: 24.01.2024Pronounced: 12.04.2024

Per Sanjay Arora, AM: This is an Appeal by the Assessee agitating the dismissal of his appeal contesting the assessment under section 147 r/w s. 143(3) of the Income Tax Act, 1961 ("the Act") dated 04.03.2015 for Assessment Year (AY) 2007-08 by the Commissioner of Income Tax (Appeals), Income Tax Department [CIT(A)], vide his order dated 05.01.2023. The assessee, since deceased, is represented by his legal representatives, all of whom, his legal heirs, identified by succession certificate placed on record, have authorized Shri Suresh as their counsel before us.

2.

1 The brief facts of the case are that the assessment in respect of deemed dividend u/s. 2(22)(e) of the Act, the only additi

The order continues below.

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