Navjyoti Farming Private Limited Vs ITO (ITAT Pune)
ITAT Pune held that when no addition has been made on account of which the case was reopened, the Assessing Officer cannot make any other addition without issuing a fresh notice u/s 148 of the Act.
Facts- The assessee is a company engaged in the business of all kinds of farming, horticulture, sericulture, pisiculture, dairy, gardening and other agricultural related activities. During the relevant year, AO completed the assessment u/s 143(3) of the Act on 11.03.2015 accepting the returned income filed by the assessee.
Subsequently, the case of the assessee was reopened by recoding reasons as per the provisions of section 147 of the Act and notice u/s 148 of the Act dated 29.03.2019 was issued and served on the assessee. AO completed the assessment u/s 143(3) of the Act on 30.12.2019 determining the total income of the assessee at Rs.82,74,00,000/- wherein he made addition of Rs.16,54,00,000/- u/s 68 of the Act being the share capital and share application money.
CIT(A) upheld the action of the Assessing Officer in reopening the assessment u/s 147 of the Act as well as in making the addition u/s 68 of the Act. Being aggrieved, the present appeal is filed.
