Lakhmanbhai Ranabhai Kerasiya v. CIT

Parties Involved

Facts Summary

The assessee, Lakhmanbhai Ranabhai Kerasiya, did not file a return of income for the assessment year 2013-14. Information was received that the assessee received cash of Rs.21,17,739/- from M/s. Shree Saraswati Carry Trade for providing transportation services. Since no return of income was filed, it was believed that income chargeable to tax had escaped assessment. The case was reopened under section 147 of the Income-tax Act, 1961, and an order was passed by the Assessing Officer on 23.03.2022. The assessee carried the matter in appeal before the Commissioner of Income-tax (Appeals), who confirmed the action of the assessing officer. The assessee then appealed to the Income Tax Appellate Tribunal.…

Legal Issues

• 1. Whether the reasons recorded by the Assessing Officer for reopening the assessment proceedings were sufficient.
• 2. Whether the reassessment order under section 147 of the Act should be quashed.

Judgment Outcome

Decided in favour of Assessee.

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