9911796707
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Issues involved:
The judgment involves challenges to the reopening of assessments and additions made on account of NRI foreign remittances and low household withdrawals u/s 148 for the assessment year 1992-93. NRI Foreign Remittances: The Assessing Officer (AO) reopened assessments for assessees who received NRI foreign remittances, despite declarations under VDIS disclosing the income. The CIT(A) annulled the assessments, citing acceptance of the declarations by the competent authority. The Departmental Representative argued that the assessments should not be annulled as the income was disclosed under VDIS. However, the authorized representative contended that the assessments were rightly annulled, citing precedents. The ITAT held that once the CIT accepted the declarations under VDIS, the AO cannot question the validity of the income declared, directing exclusion of such income from total income assessed. Low Household Withdrawals: Regarding additions made for low household withdrawals, the ITAT noted that in the original assessments, no such additions were made, and the issue had become final. Citing precedents, the ITAT held that the AO lacked jurisdiction to reopen concluded matters under section 147, emphasizing that the AO can only address escaped assessments. Consequently, the ITAT concluded that the AO did not have jurisdiction to make additions on account of low withdrawals, and the additions made in the reopened assessments were not sustainable. In conclusion, the ITAT partly allowed the Revenue's appeals, emphasizing the exclusion of income declared under VDIS from total income assessed and the lack of jurisdiction to revisit concluded matters under section 147.
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