ITO, WARD-1(1), SOLAPUR, SOLAPUR vs. MS. KSHIRSAGAR FABRICS, SOLAPUR

PDF · subscribers
ITA 97/PUN/2024Status: DisposedITAT Pune17 September 2024AY 2009-10Bench: SHRI R. K. PANDA (Vice President), MS ASTHA CHANDRA (Judicial Member)16 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal upheld the CIT(A)'s order, finding no infirmity in quashing the reassessment proceedings. The Tribunal agreed that reassessment initiated solely on an audit objection without any failure by the assessee to disclose material facts is not valid.

What were the facts?

The Assessing Officer reopened the assessment based on an audit objection regarding cash payments made by the assessee. The original assessment was completed under Section 143(3), and the AO had previously disagreed with the audit party's findings. The CIT(A) quashed the reassessment proceedings.

What were the issues?

Whether reassessment proceedings initiated based on an audit objection, after the AO had initially disagreed with it and without any failure to disclose material facts by the assessee, are valid.

Which sections of the Income-tax Act were involved?

Section 40A(3),Section 147,Section 148

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(6)Show list

Detected automatically from the text. Citations are also linked where they appear in the judgment. The count shows how many other judgments on BharatTax rely on the same authority.

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

Before: SHRI R. K. PANDA & MS ASTHA CHANDRA

For Appellant: Shri Nikhil Pathak
For Respondent: Shri Sourabh Nayak, Addl. CIT

आदेश की प्रतितिति अग्रेतिि/Copy of the Order is forwarded to: अपीलार्थी / The Appellant; 1. 2. प्रत्यर्थी / The Respondent 3. The concerned Pr.CIT 4. DR, ITAT, ‘B’ Bench, Pune 5. गार्ड फाईल / Guard file.

आदेशानुसार/ BY ORDER, // True Copy //

Senior Private Secretary आयकर अपीलीय अधिकरण ,पुणे / ITAT, Pune

S.No. Details Date Initials Designation 1 Draft dictated on 11.09.2024 Sr. PS/PS 2 Draft placed before author 13.09.2024 Sr. PS/PS Draft proposed & placed before the 3 JM/AM Second Member Draft discussed/approved by Second 4 AM/AM Member 5 Approved Draft comes to the Sr. PS/PS Sr. PS/PS 6 Kept for pronouncement on Sr. PS/PS 7 Date of uploading of Order Sr. PS/PS 8 File sent to Bench Clerk Sr. PS/PS Date on which the file goes to the Head 9 Clerk 10 Date on which file goes to the A.R. 11 Date of Dispatch of order

More judgments on Section 40A(3)

All 3,278 judgments and leading authorities on Section 40A(3) →

Recent GST High Court judgments

Search GST case law →