Ravindra Kumar Gupta vs. DCIT, Circle 5(3)(1)

Parties Involved

Facts Summary

The assessee, Ravindra Kumar Gupta, filed a return of income declaring an income of Rs. 1,10,90,564/- for the assessment year 2018-19. During the scrutiny assessment, the case was picked up for further examination, and it was subsequently reopened on the grounds that the assessee had taken unsecured loans from dummy entities. The assessee replied to the notice and provided details of the loans, including ledger accounts, confirmations, bank accounts, and ITR. However, during the reassessment, an addition of Rs. 50,00,000/- as unexplained cash credit was made under section 68 read with section 115BBE, which the assessee contested. The assessee argued that the assessment was completed under section 147 read with section 144 of the Act and that no new material was supplied at the time of reopening. The case relied on precedents such as ITO Vs. BC Enterprises and Ashish Aggarwal to argue that the failure of the Assessing Officer to supply material relied upon for initiating proceedings under section 148A of the Act is fatal.…

Legal Issues

• 1. Whether the assessment has been completed under section 147 read with section 144 of the Act.
• 2. Whether new intangible fresh material was supplied to the assessee at the time of reopening.
• 3. Whether the notice under section 148A(b) of the Act was valid.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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