Harpreet Kaur Kaushik Manek Vs DCIT (ITAT Ahmedabad)
ITAT Ahmedabad held that details relating to unexplained investment and set off loss not furnished by the assessee before AO as well as CIT(A). Hence, matter remanded back to the file of AO.
Facts- The assessee has not filed any return of income. As per the information, the reasons were recorded and subsequently the case was reopened u/s. 147 of the Income Tax Act. In response to the notice u/s. 148 of the Act, the assessee did not file any reply.
After taking cognisance of the all the submissions/reply, AO held that the margin money being unexplained by the assessee and no source of such margin money is disclosed as well as no return of income was filed by the assessee, therefore, 8% of such total turnover amounting to Rs.43,75,089/- should be taken as unaccounted and unexplained investment u/s. 68 of the Act.
CIT(A) dismissed the appeal. Being aggrieved, the present appeal is filed.
Conclusion- Held that the contention of the assessee that the reasons for reopening was vague, scanty and non-specific, the same does not sustain as the reasons mentioned in the Assessment Order categorically dealt with the transactions of National/Multi Commodity Exchange Contract and also specified the amount thereby stating that the same was made from undisclosed sources. Thus, the reasons for reopening were rightly taken into account and the contention of the assessee that there should have been more specific reason does not sustain.
