Section 147 Reassessment Restored as CIT(A) Misread AO’s Findings

Advertisement CIT Vs Anshuman Singh (ITAT Lucknow) Lucknow Tribunal examined whether CIT(A) was justified in quashing reassessment u/s 147 r.w.s.144/144B. AO had reopened assessment on the ground that Assessee deposited Rs.1,31,63,190 in Bank of Baroda during FY 2016-17, treating it as unexplained. As per assessment order dated 28.03.2022   AO recorded that no information was furnished in response to notices u/s 142(1) &  therefore he completed assessment ex-parte u/s 144. CIT(A) allowed the appeal holding that AO had verified the books, cash book, vouchers & stock statements dur...