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CIT(A) cannot travel beyond Reopening Reasons: ITAT Bangalore
Case Law Details
- Case Name
- Alok Anand Vs ITO (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2011-12
- Courts
- All ITAT, ITAT Bangalore
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Alok Anand Vs ITO (ITAT Bangalore)
ITAT Bangalore: CIT(A) cannot travel beyond Reopening Reasons – Additions on Share Trading Deposits Quashed
Assessee, a UK-based professional, had not filed returns for AYs 2011-12 & 2012-13. Based on information from the Investigation Wing, AO reopened assessments u/s 147/148 alleging Cash deposits in bank accounts & Large investments in mutual funds. As Assessee did not respond to statutory notices, AO completed the reassessment u/s 144 r.w.s. 147, treating ₹2.08 lakh as unexplained cash deposits& ₹1.41 crore (AY 2011-12) &...
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