KANDLA TRUST PORT, SUPERNUATION SCHEAME,,GANDHIDHAM vs. THE INCOME TAX OFFICER, WARD-1,, GANDHIDHAM-KUTCH

ITA 203/RJT/2018Status: DisposedITAT Rajkot26 July 2023AY 2009-10Bench: SHRI WASEEM AHMED (Accountant Member), SHRI SIDDHARTHA NAUTIYAL (Judicial Member)9 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the reopening notices were issued on an incorrect assumption of facts, as the fund's approval was valid until March 31, 2014. Therefore, the reassessment proceedings were invalid.

What were the facts?

The assessee's superannuation fund had its approval withdrawn on March 31, 2014. However, the reopening notices for assessment years 2007-08 to 2010-11 were issued on March 24, 2014, based on the incorrect assumption that the fund was not approved at that time.

What were the issues?

Whether the reopening of assessment was valid when based on an incorrect assumption of facts regarding the approval status of the superannuation fund.

Which sections of the Income-tax Act were involved?

Section 10(25)(iii), Schedule IV Part B Rule 11(1)(c), Schedule IV Part B Rule 3, Schedule IV Part B Rule 2

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Income Tax Appellate Tribunal, RAJKOT BENCH, RAJKOT

Before: SHRI WASEEM AHMED & SHRI SIDDHARTHA NAUTIYAL

For Appellant: Shri Manish Shah, A.R
For Respondent: Shri Shramdeep Sinha, CIT DR
Hearing: 19.07.2023Pronounced: 26.07.2023

PER BENCH: These bunch of appeals have been filed by the assessee against the order passed by the Ld. CIT(Appeals)-3, Rajkot in Appeal No. CIT(A)- 3/A3/1008to1011/14-15 vide order dated 27.02.2018 & 16.02.2018 passed for Assessment Years 2007-08 to 2010-11. 2. The assessee has taken the following grounds of appeal:-

“1. The Commissioner of Income Tax (Appeals) (hereinafter ‘CIT(A)’) erred in upholding the validity of reopening notice and reassessment order.

ITA Nos.201to204/Rjt/2018 Asst.Years –2007-08 to 2010-11

2.

The CIT(A) erred in ho

The order continues below.

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