Narendra Sevantilal (HUF) Vs. Income Tax Officer

Parties Involved

Facts Summary

The case involves an appeal by Narendra Sevantilal (HUF) against the order passed by the National Faceless Appeal Centre (NFAC)/Ld. Commissioner of Income Tax (Appeals) for the Assessment Year 2014-15. The Assessee had made an investment of Rs.58,26,070/- in Sunrise Asian Limited. During the original assessment proceedings, the Assessee was asked to prove the source of such investment. The Assessee submitted confirmation to the extent of Rs.32,85,000/- as a loan from a third party but failed to prove the creditworthiness of the parties. Consequently, the case was reopened by the Assessing Officer (AO) under Section 147 of the Income Tax Act, 1961, for the un-explained amount of Rs.25,41,079/-. The AO made an addition of Rs. 25,41,709/- to the income of the Assessee. The Assessee filed an appeal before the Ld. Commissioner, which was dismissed, leading to the current appeal before the Income Tax Appellate Tribunal.…

Legal Issues

• 1. Whether the Assessing Officer was justified in reopening the assessment under Section 147 of the Income Tax Act, 1961?

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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