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TMI Blog2022 (8) TMI 288X X X X Extracts X X X X X X X X Extracts X X X X ..... ed him to hold the belief that the income chargeable to tax has escaped assessment thereafter the Ld. AO usurped the jurisdiction to reopen the assessment. When the income is foundation on which he based his belief of escapement of income is absent, so AO's usurpation of jurisdiction to reopen of assessment is legally untenable so, null in the eyes of law. So, we quash the reassessment made by the Ld. AO without jurisdiction. The addition to amount be deleted accordingly. - Decided in favour of assessee. - I.T.A. No. 420/ASR/2019 - - - Dated:- 14-7-2022 - DR. M. L. MEENA , ACCOUNTANT MEMBER AND SH. ANIKESH BANERJEE , JUDICIAL MEMBER Appellant by : None ( written Submission ) Respondent by : Sh. S. M. Surendranath , Sr. D ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee. 4. That the addition of Rs. 7,70,385/- being 30% of the total deposit in the bank account of the firm alleged to be unexplained investment of the Assessee proportionate to his share and the profit and loss contrary to law and facts of the case. 5. That the lower authorities have grossly erred in not appreciating that if the properties are to be taken as their individual properties then the share of the assessee is very well defined in the Registration Deed itself and there was no need to apply the profit sharing Ratio. 6. That the Learning and Assessing Officer has erred in making the addition of Rs. 2,70,385/- by rejecting the explanation of the assessee and evidence filed by him. 7. That the assessment order ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ade by the assessee on account of investment made for the purchase of property having one fourth share along with other copartners at Rs. 9,53,750/- during the previous year relevant to the assessment year 2006-07 within the meaning of section 147 on the Income Tax Act, 1961. In order to assessee the escaped income and any other income chargeable to tax which will come to notice during the course of assessment to be initiated by way of issue of notice under section 148 of the Income Tax Act, 1961. Issue notice under section 148 of the Income Tax Act, 1961 for the assessment year 2006-07 3.1. The assessee explained the source of investment during the assessment proceedings. Explanation of source of Rs. 5,00,000, the assessee explai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt should be done in the firm account and accordingly the addition should be called for. 5. The Ld. SR DR argued and relied on the order of Revenue Authorities. 6. After a thoughtful observation of the fact of the case we decided that the reopening was made u/s. 148 related to purchase of property amount to Rs. 9,53,750/-. But after completion of assessment, the Ld. AO had accepted the assessee's investment and had not added any amount related to source of funds for purchase of property. Suddenly the Ld. AO found that assessee is co-owner of M/s. Real Estate. As per the Ld. AO, in the account opening form of the firm in the bank the PAN which was mentioned by firm, was not verified from AST Module (IT data base). The Ld. AO came i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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