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“reassessment proceedings”

ReassessmentSections 147-151Sections 147-1518,150 judgments

The decision most relied on for reassessment proceedings is CIT v. Kelvinator of India Ltd. (320 ITR 561), cited in 1,673 judgments on BharatTax.

Leading authorities on reassessment proceedings

CIT v. Kelvinator of India Ltd.
320 ITR 561 · 2010 · Supreme Court
1,673
citing judgments

An Assessing Officer cannot initiate reassessment proceedings under Section 147 of the Income Tax Act based on a mere change of opinion. Reassessment is permissible only when there is fresh tangible material leading to the belief of income escapement, not merely a review of existing facts.

GKN Driveshafts (India) Ltd. v. ITO
259 ITR 19 · 2003 · Supreme Court
1,349
citing judgments

When a notice under Section 148 of the Income Tax Act is issued, the Assessing Officer is bound to furnish reasons for reopening upon the assessee's request and must dispose of the assessee's objections to the notice by passing a speaking order.

ACIT v. Rajesh Jhaveri Stock Brokers Pvt. Ltd.
291 ITR 500 · 2007 · Supreme Court
1,030
citing judgments

For initiating reassessment proceedings under Section 147, the Assessing Officer needs only prima facie material providing a reason to believe that income has escaped assessment. Conclusive proof or the sufficiency/correctness of the material is not required at the stage of issuing the notice under Section 148.

Raymond Woollen Mills Ltd. v. ITO
236 ITR 34 · 1999 · Supreme Court
862
citing judgments

For reassessment proceedings under Section 148, the Assessing Officer only needs prima facie material to have a reason to believe income has escaped assessment. Conclusive proof or evaluation of the sufficiency and correctness of such material is not required at the stage of issuing the notice.

ITO v. Lakhmani Mewal Das
103 ITR 437 · 1976 · Supreme Court
721
citing judgments

For reassessment proceedings, the 'reason to believe' that income has escaped assessment must be based on some material and not mere suspicion, establishing a live link between the information and the belief. Furthermore, for reassessment beyond four years, there must be a specific finding of the assessee's failure to disclose fully and truly all material facts.

Hindustan Lever Ltd. v. R.B. Wadkar
268 ITR 332 · 2004 · High Court
695
citing judgments

The validity of reassessment proceedings initiated under Section 147, by issuing a notice under Section 148, must be judged solely on the reasons originally recorded by the Assessing Officer. These recorded reasons cannot be supplemented, improved upon, or modified at any later stage.

PCIT v. Meenakshi Overseas Pvt. Ltd.
395 ITR 677 · 2017 · High Court
471
citing judgments

Reassessment proceedings initiated solely based on an investigation wing/appraisal report, without the Assessing Officer's independent application of mind to form a 'reason to believe' that income has escaped assessment, are beyond jurisdiction, bad in law, and void ab initio.

Ranbaxy Laboratories Ltd. v. CIT
336 ITR 136 · 2011 · High Court
398
citing judgments

In reassessment proceedings under Section 147/148, the Assessing Officer can assess other income not specified in the original notice if the initial ground for reopening assessment is found to be valid. However, if the income for which the assessment was initially reopened is found not to have escaped assessment, the Assessing Officer cannot proceed to assess any other income.

Judgments citing reassessment proceedings

Nitesh Rajhans Singh, Mumbai vs. The Income Tax Officer -26(2)(3), Mumbai

In the result, the appeal filed by the assessee is allowed

ITA 4114/MUM/2023[BAMPS4588L]Status: DisposedITAT Mumbai15 Jul 2024

Bench: Shri Pavan Kumar Gadale & Ms Padmavathy S

For Appellant: Shri Rajiv Khandelwal &For Respondent: Shri Laxmi Kant.Sr.DR
Section 10(38)Section 148Section 68Section 69C

order as under: “5. Pursuant to information received from the DGIT (Investigation), Kolkata, after search carried out at the premises of penny stock operators, reassessment proceedings under section 147 of the Act were initiated in the case of the assessee and notice dated 17/10/2016 under section ... provided the copy of reasons recorded for reopening the assessment as well as the statement/information on the basis of which the reassessment proceedings were initiated to the assessee. During the reassessment proceedings, it was observed that the assessee has purchased shares of NCL Research for Rs.74,82,700/- and sold

Kerala State Electricity Board Ltd, Thiruvananthapuram vs. The ACIT, Cir-1(1), Tvm

In the result, all the appeals filed by the assessee stands allowed for statistical purposes

ITA 137/COCH/2023[2018-19]Status: DisposedITAT Cochin12 Jul 2024AY 2018-19

Bench: Smt. Beena Pillai & Shri Waseem Ahmed

For Appellant: Shri R Rajeev, CA
Section 143(3)Section 263Section 28Section 3(1)Section 40Section 5

merged with the original assessment orders passed u/s. 143(3) of the act. 7. He submitted that the issues that was considered in the reassessment proceedings as well as the 263 proceedings for these years were on different issues and therefore the doctrine of merger will not apply. He thus

Kerala State Electricity Board Ltd, Thiruvananthapuram vs. The ACIT, Cir-1(1), Tvm

In the result, all the appeals filed by the assessee stands allowed for statistical purposes

ITA 136/COCH/2023[2017-18]Status: DisposedITAT Cochin12 Jul 2024AY 2017-18

Bench: Smt. Beena Pillai & Shri Waseem Ahmed

For Appellant: Shri R Rajeev, CA
Section 143(3)Section 263Section 28Section 3(1)Section 40Section 5

merged with the original assessment orders passed u/s. 143(3) of the act. 7. He submitted that the issues that was considered in the reassessment proceedings as well as the 263 proceedings for these years were on different issues and therefore the doctrine of merger will not apply. He thus

Kerala State Electricity Board Ltd, Thiruvananthapuram vs. The ACIT, Cir-1(1), Tvm

In the result, all the appeals filed by the assessee stands allowed for statistical purposes

ITA 135/COCH/2023[2016-17]Status: DisposedITAT Cochin12 Jul 2024AY 2016-17

Bench: Smt. Beena Pillai & Shri Waseem Ahmed

For Appellant: Shri R Rajeev, CA
Section 143(3)Section 263Section 28Section 3(1)Section 40Section 5

merged with the original assessment orders passed u/s. 143(3) of the act. 7. He submitted that the issues that was considered in the reassessment proceedings as well as the 263 proceedings for these years were on different issues and therefore the doctrine of merger will not apply. He thus

Kerala State Electricity Board Ltd, Thiruvananthapuram vs. The ACIT, Cir-1(1), Tvm

In the result, all the appeals filed by the assessee stands allowed for statistical purposes

ITA 134/COCH/2023[2015-16]Status: DisposedITAT Cochin12 Jul 2024AY 2015-16

Bench: Smt. Beena Pillai & Shri Waseem Ahmed

For Appellant: Shri R Rajeev, CA
Section 143(3)Section 263Section 28Section 3(1)Section 40Section 5

merged with the original assessment orders passed u/s. 143(3) of the act. 7. He submitted that the issues that was considered in the reassessment proceedings as well as the 263 proceedings for these years were on different issues and therefore the doctrine of merger will not apply. He thus

Kerala State Electricity Board Ltd, Thiruvananthapuram vs. The ACIT, Cir-1(1), Tvm

In the result, all the appeals filed by the assessee stands allowed for statistical purposes

ITA 133/COCH/2023[2014-15]Status: DisposedITAT Cochin12 Jul 2024AY 2014-15

Bench: Smt. Beena Pillai & Shri Waseem Ahmed

For Appellant: Shri R Rajeev, CA
Section 143(3)Section 263Section 28Section 3(1)Section 40Section 5

merged with the original assessment orders passed u/s. 143(3) of the act. 7. He submitted that the issues that was considered in the reassessment proceedings as well as the 263 proceedings for these years were on different issues and therefore the doctrine of merger will not apply. He thus

The Income Tax Officer, Ward-3, Gandhinagar vs. Shri Ramesh Gobarji Thakor, Ahmedabad

In the result, the appeal of the Revenue is dismissed

ITA 59/AHD/2020[2010-11]Status: DisposedITAT Ahmedabad11 Jul 2024AY 2010-11

Bench: Smt.Annapurna Gupta & Ms. Suchitra Raghunath Kambleassessment Year : 2010-11 Income-Tax Officer Vs. Shri Ramesh Gobarji Thakor Ward-3 Sector 11 Gandhinagar. Gandhinagar. Pan : Aespt 3446 H (Applicant) (Responent) Assessee By : Shri S.N. Soparkar, Sr.Advocate & Shri Parin Shah, Ars. Revenue By : Shri Kamlesh Makwana, Cit-Dr सुनवाई क" तारीख/Date Of Hearing : 16/04/2024 घोषणा क" तारीख /Date Of Pronouncement: 11/07/2024 आदेश आदेश/O R D E R आदेश आदेश

For Appellant: Shri S.N. Soparkar, Sr.Advocate and Shri Parin Shah, ARsFor Respondent: Shri Kamlesh Makwana, CIT-DR
Section 147Section 250Section 68

finding of his investigation to the AO of the assessee for further action to be taken in this regard. In pursuance to the same reassessment proceedings under section 147 of the Act were initiated on the assessee. 5. The assessment order reveals that several notices were issued to the assessee ... these facts are noted in the order of the ITAT at para-4 to 5.1 as under: “4.1. The assessee during the course of reassessment proceedings, submitted Ledger account of Smt. Hansaben M. Patel, Copy of the bank statement reflecting the transaction with Smt. Hansaben M. Patel, Copy of Return

Assistant Commissioner of Income Tax, Circle-3(4), Mumbai vs. Union Bank of India, Mumbai

ITA 1959/MUM/2024[2016-17]Status: DisposedITAT Mumbai11 Jul 2024AY 2016-17

Bench: Shri Om Prakash Kant () & Shri Sunil Kumar Singh ()

For Respondent: Mr. Ankush Kapoor, CIT-DR
Section 115JSection 143(3)Section 144BSection 148

interest accrued but not due, amounting to Rs.314,72,09,352/-. 5. On further appeal, the assessee challenged the validity of the reassessment proceedings as well as addition on merit. The Ld. CIT(A) upheld the validity of the assessment as well as sustained the addition on merit. 6. Aggrieved

Parin Engineers, Mumbai vs. Ward 27(2)(1), Mumbai

In the result, the appeal is allowed

ITA 1725/MUM/2024[2015-16]Status: DisposedITAT Mumbai11 Jul 2024AY 2015-16
Section 142(1)Section 147Section 148Section 250Section 271(1)(C)Section 271F

facts, and in circumstances of the case, and in law, learned Commissioner of Income-tax (Appeal), NFAC erred in not appreciating that the reassessment proceedings ITA no. 1725/MUM/2024 Parin Engineers were bad in law as the Assessing Officer did not provide reasons recorded for reopening of assessment proceedings ... Assessing Officer had intimation dated October 20, 2020 of the said dissolution which was much prior to the date of initiation of reassessment proceedings. 3. On the facts, and in circumstances of the case, and in law, learned Commissioner of Income-tax (Appeal) erred in partly upholding action

M/S Union Bank of India, Mumbai vs. Deputy Commissioner of Income Tax, Circle- Ltu 2, Mumbai

ITA 1677/MUM/2024[2016-17]Status: DisposedITAT Mumbai11 Jul 2024AY 2016-17

Bench: Shri Om Prakash Kant () & Shri Sunil Kumar Singh ()

Section 115JSection 143(3)Section 144BSection 148

interest accrued but not due, amounting to Rs.314,72,09,352/-. 5. On further appeal, the assessee challenged the validity of the reassessment proceedings as well as addition on merit. The Ld. CIT(A) upheld the validity of the assessment as well as sustained the addition on merit. 6. Aggrieved ... wrong. It was held that section 147 of the Act does not postulate conferment of power upon the Assessing Officer to initiate reassessment proceedings upon a mere change of opinion. On appeal by the department to the Supreme Court in 320 ITR 561(SC), dismissing the appeal, held as under

M/S Union Bank of India, Mumbai vs. Deputy Commissioner of India, Circle-(Ltu)-2, Mumbai

In the result, the appeal of the a In the result, the appeal of the assessee for assessment year ssessee for assessment year

ITA 1676/MUM/2024[2017-18]Status: DisposedITAT Mumbai11 Jul 2024AY 2017-18

Bench: Shri Om Prakash Kant () & Shri Sunil Kumar Singh ()

For Respondent: Mr. C Naresh
Section 144B

validity of the On further appeal, the assessee challenged the validity of the On further appeal, the assessee challenged the validity of the reassessment proceedings as well as addition on merit. The Ld. reassessment proceedings as well as addition on merit. The Ld. reassessment proceedings as well as addition ... upon the Assessing Officer to initiate reassessment of power upon the Assessing Officer to initiate reassessment of power upon the Assessing Officer to initiate reassessment proceedings upon a mere change of opinion proceedings upon a mere change of opinion. On appeal b . On appeal by the department to the Supreme

Thiruvengadathan Pakshi Rajan, Mumbai vs. ITO, Ward 35(3)(4), Mumbai

In the result, appeal of the assessee is allowed for statistical

ITA 1260/MUM/2024[2011-12]Status: DisposedITAT Mumbai11 Jul 2024AY 2011-12

Bench: Shri Narendra Kumar Billaiya, Hon'Ble & Shri Rahul Chaudhary, Hon'Ble

For Appellant: Shri Mahaveer Jain, A/RFor Respondent: Shri R.R. Makwana, Sr. D/R
Section 148Section 234ASection 69B

reduced. 6. The ld. CIT(A) failed to consider that Assessment order passed for assessing in come without evidence is bad-in-law. Reassessment proceeding cannot be initiated on the basis of assumption and presumption based on the 26AS informations and other Investment informations. Appellant pray that reassessment proceeding

Samit Ray, Kolkata vs. DCIT, Cen. Cir. 3(4), Kolkata

In the result, all the appeals of the assessees are allowed

ITA 780/KOL/2024[2014-15]Status: DisposedITAT Kolkata10 Jul 2024AY 2014-15

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Sanjay Awasthii.T.A. No. 778/Kol/2024 Assessment Year: 2014-2015 Arati Ray,………………………………..……………Appellant 11/1, Dishari Bhawan, B.T. Road, Belghoria, Kolkata-700056 [Pan:Adopr8465R] -Vs.- Deputy Commissioner Of Income Tax,…..…Respondent Central Circle-3(4), Kolkata, Aayakar Bhawan Poorva, 110, Shanti Pally, 5Th Floor, Kolkata-700107 & I.T.A. No. 779/Kol/2024 Assessment Year: 2014-2015 Mallika Roy,…………………………..……………Appellant 11/1, Dishari Bhawan, B.T. Road, Belghoria, Kolkata-700056 [Pan:Acgpr7888F] -Vs.- Deputy Commissioner Of Income Tax,…..…Respondent Central Circle-3(4), Kolkata, Aayakar Bhawan Poorva, 110, Shanti Pally, 5Th Floor, Kolkata-700107 & I.T.A. No. 780/Kol/2024 Assessment Year: 2014-2015 1

Section 139(1)Section 144Section 153ASection 153DSection 263

search no incriminating material is found, in case of completed/unabated assessment, the only remedy available to the Revenue would be to initiate the reassessment proceedings under sections 147/48 of the Act, subject to fulfilment of the conditions mentioned in sections 147/148, as in such a situation, the Revenue cannot

Malika Roy, Kolkata vs. DCIT, Cen. Cir. 3(4), Kolkata

In the result, all the appeals of the assessees are allowed

ITA 779/KOL/2024[2014-15]Status: DisposedITAT Kolkata10 Jul 2024AY 2014-15

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Sanjay Awasthii.T.A. No. 778/Kol/2024 Assessment Year: 2014-2015 Arati Ray,………………………………..……………Appellant 11/1, Dishari Bhawan, B.T. Road, Belghoria, Kolkata-700056 [Pan:Adopr8465R] -Vs.- Deputy Commissioner Of Income Tax,…..…Respondent Central Circle-3(4), Kolkata, Aayakar Bhawan Poorva, 110, Shanti Pally, 5Th Floor, Kolkata-700107 & I.T.A. No. 779/Kol/2024 Assessment Year: 2014-2015 Mallika Roy,…………………………..……………Appellant 11/1, Dishari Bhawan, B.T. Road, Belghoria, Kolkata-700056 [Pan:Acgpr7888F] -Vs.- Deputy Commissioner Of Income Tax,…..…Respondent Central Circle-3(4), Kolkata, Aayakar Bhawan Poorva, 110, Shanti Pally, 5Th Floor, Kolkata-700107 & I.T.A. No. 780/Kol/2024 Assessment Year: 2014-2015 1

Section 139(1)Section 144Section 153ASection 153DSection 263

search no incriminating material is found, in case of completed/unabated assessment, the only remedy available to the Revenue would be to initiate the reassessment proceedings under sections 147/48 of the Act, subject to fulfilment of the conditions mentioned in sections 147/148, as in such a situation, the Revenue cannot

Arati Ray, Kolkata vs. DCIT, Cen. Cir. -3(4), Kolkata

In the result, all the appeals of the assessees are allowed

ITA 778/KOL/2024[2014-15]Status: DisposedITAT Kolkata10 Jul 2024AY 2014-15

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Sanjay Awasthii.T.A. No. 778/Kol/2024 Assessment Year: 2014-2015 Arati Ray,………………………………..……………Appellant 11/1, Dishari Bhawan, B.T. Road, Belghoria, Kolkata-700056 [Pan:Adopr8465R] -Vs.- Deputy Commissioner Of Income Tax,…..…Respondent Central Circle-3(4), Kolkata, Aayakar Bhawan Poorva, 110, Shanti Pally, 5Th Floor, Kolkata-700107 & I.T.A. No. 779/Kol/2024 Assessment Year: 2014-2015 Mallika Roy,…………………………..……………Appellant 11/1, Dishari Bhawan, B.T. Road, Belghoria, Kolkata-700056 [Pan:Acgpr7888F] -Vs.- Deputy Commissioner Of Income Tax,…..…Respondent Central Circle-3(4), Kolkata, Aayakar Bhawan Poorva, 110, Shanti Pally, 5Th Floor, Kolkata-700107 & I.T.A. No. 780/Kol/2024 Assessment Year: 2014-2015 1

Section 139(1)Section 144Section 153ASection 153DSection 263

search no incriminating material is found, in case of completed/unabated assessment, the only remedy available to the Revenue would be to initiate the reassessment proceedings under sections 147/48 of the Act, subject to fulfilment of the conditions mentioned in sections 147/148, as in such a situation, the Revenue cannot

Manoj Jain, Kolkata vs. I.T.O., Ward-29(4), Kolkata

In the result, the appeal of the assessee is allowed

ITA 50/KOL/2023[2010-2011]Status: DisposedITAT Kolkata10 Jul 2024AY 2010-2011

Bench: Shri Sanjay Gargshri Rajesh Kumar]

Section 143(3)Section 147Section 148

issued by AO who did not have the jurisdiction AO who did not have the jurisdiction and therefore entire reassessment proceedi therefore entire reassessment proceedings were bad in law and consequen were bad in law and consequent assessment framed is also invalid and non assessment framed is also invalid ... notice u/s.148 being an unsigned notice, the same is invalid and consequently proceeding on the basis of an invalid notice vitiates the entire reassessment proceedings as the same is without any jurisdiction. It is further the argument of learned counsel for the petitioner that proceeding on the basisof an invalid

Sagayavincent Susai Mary, Neyveli vs. ITO Ward 4, Cuddalore

The appeal stand allowed

ITA 398/CHNY/2024[2016-17]Status: DisposedITAT Chennai10 Jul 2024AY 2016-17

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकरअपील सं./ Ita No.398/Chny/2024 (िनधा)रण वष) / Assessment Year: 2016-17) Ms. Sagayavincent Susai Mary Ito बनाम/ C-20, Nkr Pillai Street, Ward-4 Vs. Block-2, Neyveli-607 801. Cuddalore. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Apaps-7578-C (अपीलाथ"/Appellant) : (" थ" / Respondent) अपीलाथ"कीओरसे/ Appellant By : Shri S.Sridhar (Advocate)- Ld.Ar " थ"कीओरसे/Respondent By : Shri Ar V Sreenivasan (Addl.Cit) -Ld. Dr सुनवाईकीतारीख/Date Of Hearing : 04-07-2024 घोषणाकीतारीख /Date Of Pronouncement : 10-07-2024 आदेश / O R D E R Manoj Kumar Aggarwal () 1. Aggrieved By Confirmation Of Penalty U/S 271(1)(C) For Rs.1.43 Lacs For Assessment Year (Ay) 2016-17, The Assessee Is In Further Appeal Before Us. The Impugned Order Has Been Passed By Learned Commissioner Of Income Tax (Appeals), National Faceless Appeal Centre (Nfac), Delhi [Cit(A)] On 31-12-2023 In The Matter Of Penalty Levied By Ld. Assessing Officer [Ao] U/S. 271(1)(C) Of The Act On 22-09- 2022. Having Heard Rival Submissions, The Appeal Is Disposed-Off As Under. 2. It Emerges That The Assessee, In The Regular Return Of Income

For Appellant: Shri S.Sridhar (Advocate)- Ld.ARFor Respondent: Shri AR V Sreenivasan (Addl.CIT) -Ld. DR
Section 148Section 271(1)(c)

quite clear that the assessee made certain wrong claims in the regular return of income which were corrected in return of income filed during reassessment proceedings. However, it could be noted that notice u/s 148 was issued on 31-03-2021. The refund in regular return was received

Schneider Electric Systems India Pvt. Ltd., Chennai vs. PCIT 3, Chennai

The appeal stand partly allowed

ITA 1568/CHNY/2024[2015-16]Status: DisposedITAT Chennai10 Jul 2024AY 2015-16

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकरअपील सं./ Ita No.1568/Chny/2024 (िनधा)रण वष) / Assessment Year: 2015-16) & +े यािचका सं../ S.A No.28/Chny/2024 (Arising Out Of Ita No.1568/Chny/2024) (िनधा)रण वष) / Assessment Year: 2015-16) M/S. Schneider Electric Systems India P. Ltd. Pcit Sp Plot No.16-19 & 20A, Chennai-3. बनाम/ Taramani Tech Park Inner Ring Road, Thiru Vi Ka Industrial Estate, Vs. Guindy Industrial Estate S.O. Guindy, Chennai-600 032. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aabcs-8027-M (अपीलाथ"/Appellant) : (" थ" / Respondent) अपीलाथ"कीओरसे/ Appellant By : Shri Rohit Tiwari (Advocate) (Virtual) - Ld.Ar " थ"कीओरसे/Respondent By : Shri Nilay Baran Som (Cit) -Ld. Dr सुनवाईकीतारीख/Date Of Hearing : 01-07-2024 घोषणाकीतारीख /Date Of Pronouncement : 10-07-2024 आदेश / O R D E R Manoj Kumar Aggarwal ()

For Appellant: Shri Rohit Tiwari (Advocate) (Virtual) - Ld.ARFor Respondent: Shri Nilay Baran Som (CIT) -Ld. DR
Section 143(3)Section 147Section 263Section 37Section 40A(9)

interest of the revenue without appreciating the fact that proper inquiries / verification were made by the Ld. AO during the course of reassessment proceedings which were initiated subsequent to the original assessment proceedings. 2.2 The Ld. PCIT has erred in law by failing to appreciate that one of the reasons ... that there was "lack of enquiry" by the Ld. AO without appreciating that the Ld. AO had conducted detailed inquiries during the course of reassessment proceedings specifically with respect to contribution made to LIC towards superannuation fund. 3 Contribution to Government controlled LIC superannuation fund is an allowable expenditure

Harish Kumar Garg, Alwar vs. Income Tax Officer, Ward-1(1), Alwar

In the result, the appeal of the assessee stands allowed with no orders as to costs

ITA 767/JPR/2024[2013-14]Status: DisposedITAT Jaipur10 Jul 2024AY 2013-14

Bench: SHRI SANDEEP GOSAIN (Judicial Member)

For Appellant: Shri S.L. Poddar, AdvocateFor Respondent: Mrs. Monisha Choudhary, Addl. CIT-DR
Section 148Section 44ASection 60ASection 69A

income declaring total income of Rs. 1,89,150/- with regard to the source of cash deposit in bank during the course of reassessment proceedings, it was submitted that such cash deposits are accumulation out of cash sales of goods and beside the withdrawals made in cash from time

Nikki Pachisia, Jaipur vs. Income Tax Officer, Ward-5(2), Jaipur

In the result, the appeal of the assessee is allowed

ITA 615/JPR/2024[2011-12]Status: DisposedITAT Jaipur10 Jul 2024AY 2011-12

Bench: SHRI SANDEEP GOSAIN (Judicial Member)

For Appellant: Shri S.R. Sharma CA, &For Respondent: Mrs. Monisha Choudhary, Addl. CIT-DR
Section 143Section 143(3)Section 147Section 148Section 68Section 69C

view of the aforesaid observations and respectfully following the judicial precedents relied upon here in above I have no hesitation in quashing the Reassessment proceedings as they are not sustainable in the eyes of law 2.9 Apart from above, I have also considered the modus operandi of commodities business ... Para 9 - In view of the aforesaid observations and respectfully following the judicial precedents relied upon hereinabove, we have no hesitation in quashing the reassessment proceedings as they are not sustainable in the eyes of law. Since reopening is quashed on legal ground there is no need to adjudicate