Shree Vagad Visha Oswal Chovisi Mahajan Charitable Trust Vs. Assistant Director of Income Tax-II(2), Mumbai

Parties Involved

Facts Summary

The assessee, Shree Vagad Visha Oswal Chovisi Mahajan Charitable Trust, filed its return of income for the assessment year 2010-11 declaring NIL income after claiming exemption. Subsequently, the Assessing Officer (AO) reopened the assessment under Section 147 of the Income Tax Act, 1961, based on information that the assessee had deposited Rs.73,29,684/- in cash in its Savings Bank Account with Cosmos Cooperative Bank Ltd., Malad Branch, which was not offered to tax. The AO completed the assessment determining the total income at Rs.1,03,54,997/- by disallowing the assessee’s exemption claim under Section 11 of the Act and adding Rs.33,71,151/- as unexplained cash deposits. The assessee appealed against this order, challenging the validity of the reopening of the assessment.…

Legal Issues

• 1. Validity of reopening of assessment under Section 147 of the Income Tax Act, 1961.

Judgment Outcome

Decided in favour of Assessee.

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