Daya Shanker Tiwari Vs ITO (ITAT Hyderabad)
No second bite- Tribunal blocks AO’s attempt to retax gift-Same Story, Same Facts- AO’s revisit of same facts held impermissible – Change of opinion cannot justify Reopening
Original assessment was been completed u/s 143(3) determining the total income of Assessee at Rs.16,91,705 by making addition of Rs.5 lakhs u/s 69A as explained money towards gift received from Sri Pradeep Tiwari (PT). Subsequently, it was reopened u/s 147 for escapement of on account of under- assessment of gift to the extent of Rs.6 lakhs received from Sri PT.
AO called-upon the assessee to file relevant evidences including ITR, Affidavit, Statement of bank account of Sri PT prove evidence of gift & Assessee has filed relevant details as called-for. AO made addition of Rs.6 lakhs u/s 69A as unexplained money towards gift received from Sri PT on the ground that, the assessee claims to have received a gift of Rs.11 lakhs from his son viz., Sri PT & on verification of bank account of Sri PT, he does not have sufficient funds for giving gift to the extent of Rs.11 lakh. As only 5 lakhs was added in the original 143(3) order, the short computation of income to the extent of Rs.6 lakhs is treated as unexplained money & added back u/s 69A .
