Prabakaran Chandru Vs. The Income Tax Officer, Ward-1, Tiruvarur
Parties Involved
Facts Summary
The assessee, Prabakaran Chandru, is an individual who made a cash withdrawal of Rs.2,79,00,000/- from his bank account during the financial year 2014-15. The Assessing Officer (AO) received this information through the ITBA portal and issued a notice u/s.148 dated 26.04.2021 as the assessee had not filed the return of income. Following the directions of the Hon'ble Supreme Court in the case of Union of India vs. Ashish Agarwal, the notice was treated as a show-cause notice u/s. 148A(b) of the Act. The assessee filed a response, and the AO passed an order u/s. 148A(d) and issued a notice u/s. 148 on 29.06.2022. The AO completed the assessment u/s. 143(3) r.w.s. 147 and made an addition of Rs.38,32,690 as unexplained investment u/s.69 of the Act. On further appeal, the Commissioner of Income Tax (Appeals)/National Faceless Appeal Centre (NFAC), Delhi, confirmed the addition. The assessee appealed to the Tribunal against the order of the CIT(A).…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the notice u/s. 148 dated 29.06.2022 for AY 2015-16 is beyond the time limit of six years and therefore barred by limitation.
Judgment Outcome
Decided in favour of Assessee.
Precedents Relied Upon
6 precedents cited in this judgement.
Similar Judgements
Woodland Retails Private Limited Vs. Income Tax Officer, Ward 9(1)
D Bench, Kolkata benchAY 2015-16AllowedRoy Banerjee Development Private Limited vs. ITO Ward 1(1), Kolkata
Kolkata Bench benchAY 2015-16AllowedSaktinagar Samabay Krishi Unnayan Samity Ltd. vs. Income Tax Officer, Ward 41(1), Nadia
Kolkata benchAY 2015-16AllowedDCIT, VS. RAJAN KUMAR
Delhi Bench ‘A’ benchAY 2013-14DismissedBysol Enterprises Pvt Ltd. vs. Assistant Commissioner of Income Tax, Circle 4 (1) (1), Mumbai
Mumbai benchAY 2017-18AllowedK&S Fincon Pvt. Ltd. Vs. Income Tax Officer, Ward-14(1), Delhi
Delhi Bench benchAY 2013-14Allowed