Jigna Ashutosh Bhatt Vs. ITO Ward-32(2)(1)

Parties Involved

Facts Summary

The assessee, Jigna Ashutosh Bhatt, filed her original return of income for Assessment Year 2011–12 declaring a total income of Rs. 55,695/-. The Assessing Officer initiated reassessment proceedings by issuing a notice under section 148 of the Income-tax Act, 1961, based on information received from the DDIT (Investigation), Mumbai, alleging that the assessee had taken a cash loan of Rs. 39,00,000/- during the financial year 2010–11. The assessee denied having obtained any such loan and contended that the statement relied upon by the Assessing Officer did not specifically name her and that no amount was found credited in her books. The Assessing Officer, however, held that the assessee had obtained a cash loan of Rs. 39,00,000/- and treated the same as unexplained cash credit under section 68 of the Act.…

Legal Issues

• 1. Validity of reopening of assessment under section 147 of the Act
• 2. Addition of Rs. 39,00,000/- made under section 68 of the Act

Judgment Outcome

Decided in favour of Assessee.

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