Binu Joy Kondody Vs ITO (ITAT Cochin)
The appeal before the Income Tax Appellate Tribunal (ITAT), Cochin Bench, arose from the order of the Commissioner of Income Tax (Appeals)/NFAC dated 14.10.2025 for Assessment Year (AY) 2015-16. The assessee challenged the validity of the reassessment proceedings initiated under Sections 148 and 147 of the Income Tax Act, 1961, contending that the notice under Section 148 was barred by limitation under Section 149. The assessee also raised grounds relating to residential status as a Non-Resident until September 2014, denial of opportunity, violation of principles of natural justice, and additions made by the Assessing Officer (AO).
According to the assessment order, the AO received information that the assessee had not filed a return of income for AY 2015-16 despite cash deposits in bank accounts exceeding ₹50 lakh during FY 2014-15. Following the procedure under Section 148A, a notice under Section 148 was issued on 06.05.2022. The assessee stated that he had remained a Non-Resident till September 2014 and that the deposits represented proceeds of NRE deposits and savings used for living expenses. The AO held that sufficient details were not furnished and completed the reassessment under Sections 147 read with 144 on 14.02.2024 by treating ₹16,67,740 as unexplained investment under Section 69 read with Section 115BBE and adding interest income of ₹1,15,186, resulting in a total assessed income of ₹17,82,926.
