Surender Singh vs ITO

Parties Involved

Facts Summary

This appeal is filed by Surender Singh against the order of the Ld. CIT(Appeals)-NFAC, Delhi dated 26.12.2018 for the Assessment Year 2011-12. The assessee raised several grounds, but only ground no.4 was pressed at the hearing. The case was reopened based on audit objections raised after the completion of the original assessment. The original assessment was completed on 24.12.2013, and the Assessing Officer verified cash deposits amounting to Rs.41.70 lakhs and Rs.17.73 lakhs in the assessee's bank accounts. The Assessing Officer made an addition of Rs.97,740/- for failure to explain the source of deposits. The reassessment was initiated beyond four years after the original assessment, and the Assessing Officer did not record any failure on the part of the assessee to disclose all material facts.…

Legal Issues

• 1. Whether the Ld. CIT(Appeals) erred in confirming the addition of Rs.22,50,000/- towards unsecured loan without considering the evidence available in the assessment records of the assessee.
• 2. Whether the Ld. CIT(Appeals) erred in confirming the addition of Rs.11,89,000/- towards cash deposited in bank account without considering the evidence available in the assessment records of the assessee.
• 3. Whether the reassessment was validly carried out by the Ld. Income Tax Officer, Ward 40(5).

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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