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2024 (5) TMI 161 - ITAT DELHIValidity of assessment made u/s 147 instead of u/s. 153C - Addition as unexplained cash credit u/s. 68 - assessee has received accommodation entry in the form of bogus LTCG/STCG from one entry operator - HELD THAT:- Upon careful consideration, we find that assessment in this case was framed pursuant to the reopening of the case u/s. 147 of the I.T Act, 1961. CIT(A) has given findings which has been duly elaborated as above, ld. CIT(A) has held that the provision 153C of the Act, were applicable in the present case for framing the assessment, which excludes the application of section 147 of the Act. Hence, notice issued u/s. 148 of the Act and the assessment framed further thereto u/s. 147 r.w.s 143(3) of the Act are void ab initio. Therefore the ld. CIT(A) held that the reassessment u/s. 147/148 of the Act for AY 2017-18 is quashed and this ground of appeal is allowed. Appeal of the Revenue is dismissed.
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