Hemant Singh Vs. ITO, Ward-4(1), Raipur

Parties Involved

Facts Summary

Shri Hemant Singh filed his return of income for the assessment year 2013-14 declaring an income of Rs.10,87,070/-. The Assessing Officer initiated reassessment proceedings under Section 147 of the Income Tax Act, 1961, after discovering that Shri Hemant Singh had purchased a policy of ICICI Prudential Life Insurance for Rs.7,50,000/- but had not disclosed it in his return of income. Despite notices under Section 148 and Section 142(1) of the Act, Shri Hemant Singh did not respond, leading the Assessing Officer to treat the investment as unexplained money under Section 69A of the Act. The Commissioner of Income-Tax (Appeals) confirmed the reassessment order, which Shri Hemant Singh appealed to the tribunal.…

Legal Issues

• 1. Validity of the reassessment order under Section 147 r.w.s. 144 r.w.s. 144B of the Income Tax Act, 1961
• 2. Whether the investment was sourced from unexplained money under Section 69A of the Act

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

Similar Judgements

• Income Tax Appellate Tribunal, Chandigarh Bench 'A', Chandigarh

  Chandigarh bench

• M/s. Royal Sundaram General Insurance Co. Ltd. v. The DCIT, Large Taxpayer Unit, Chennai

• Shri Navtej Singh vs The ITO, Ward 3(3), Faridkot

  Amritsar bench

• Gopa Ghosh Chanda

  SMC Bench, Kolkata benchAY 2013-2014Allowed

• Harsimron Singh Sandhu vs. Deputy Commissioner of Income Tax, CPC, Bengalore

  Delhi Bench 'B', New Delhi benchAY 2017-18Dismissed

• Dhiraj Singh vs. ITO, Shajapur

  Indore bench