Puran Store vs Assistant Commissioner of Income Tax, Circle-43(1)

Parties Involved

Facts Summary

The assessee, Puran Store, was issued a notice under section 148A(b) seeking explanation for cash deposits of Rs 1,58,80,000/-. The assessee furnished an explanation stating the deposits were from cash sales and matched VAT returns. The Assessing Officer, however, passed an order under section 148A(d) considering the deposits as unexplained and subsequently made an addition of Rs 2,27,80,079/- on account of unexplained cash expenses under section 147 r.w.s. 143(3).…

Legal Issues

• 1. Validity of reassessment proceedings initiated by the Assessing Officer.
• 2. Validity of reassessment proceedings in violation of section 151A.
• 3. Validity of assessment order passed by the Assessing Officer.
• 4. Validity of notice u/s 148 issued by the Assessing Officer.
• 5. Validity of addition made by the Assessing Officer on a different issue.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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