ITA No.3035/Del/2024
Case No: ITA No.3035/Del/2024
Court: Income Tax Appellate Tribunal, Delhi 'E' Bench, New Delhi
Date: 3/7/2025
Parties Involved
appellantITO Ward-2(3) Faridabad
respondentZile Singh, Prop. Yadav Diary Mohna Road, Ballabgarh, Faridabad-121004, PAN-AIFPS0476D
Facts Summary
The case pertains to the assessment year 2015-16. The Revenue sought to reopen the assessment of Zile Singh, alleging an unexplained investment of INR 3,30,00,000/- in Piyush Group for the purchase of flats and interest amounting to INR 34,50,830/-. The Assessing Officer (AO) initiated reassessment proceedings under section 147 read with section 148 of the Income Tax Act, 1961, based on information from the Assistant Director of Income Tax (Investigation)-II, Faridabad. The assessee contested th…
Decision in favour of
Revenue
Legal Issues
- 1. Whether the reassessment order under section 147 read with section 143(3) is sustainable despite the AO's failure to provide the copy of reasons recorded and approval granted under section 151.
- 2. Whether the AO was required to provide the relevant material forming the basis for the belief of escaped income.
1 more legal issue analysed in this judgement.
Precedents Relied Upon
9 precedents cited in this judgement.