Vijaykumar Mangilalji Chordiya vs. NFAC, Delhi

Parties Involved

Facts Summary

The assessee, Vijaykumar Mangilalji Chordiya, filed an income tax return for the assessment year 2013-14 declaring a total income of Rs.3,80,300/-. The Assessing Officer obtained information that the assessee had made a cash deposit of Rs.6,09,74,438/- in an account maintained with M/s. Shri Renuka Mata Multistate Credit Society Ltd. The Assessing Officer concluded that the source of the cash deposit remained unverified and reopened the assessment. The assessee filed an appeal against the order of the Commissioner of Income Tax (Appeals)/National Financial Crimes Unit (NFAC). The Tribunal allowed the appeal and quashed the re-assessment proceedings.…

Legal Issues

• 1. Whether the Assessing Officer had valid jurisdiction to reopen the assessment under section 147 of the Act?
• 2. Whether the re-assessment proceedings were in accordance with law?
• 3. Whether the addition made by the Assessing Officer was justified?

Judgment Outcome

Decided in favour of Partly Assessee / Partly Revenue.

Precedents Relied Upon

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