Sonea Dhir Vs CIT(A) (ITAT Delhi)
Section 147 Reassessment Quashed by Delhi ITAT Over Unrelated Additions; Delhi ITAT Deletes Reassessment Additions Where Recorded Reason Was Not Assessed
The appeal was filed by the assessee against the order dated 30.04.2024 passed by the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, Delhi, under section 250 of the Income Tax Act, 1961, arising from the assessment order dated 27.12.2018 passed under sections 147/143(3) for Assessment Year 2011-12.
The assessee had filed her return declaring income of INR 59,97,501/- on 04.02.2012, which was processed under section 143(1). The assessment was subsequently reopened based on information concerning the source of payment for purchase of property at D-1, Saket District Centre, Saket, New Delhi. The reasons recorded by the Assessing Officer stated that payment of INR 5.50 crore towards purchase of the property remained unexplained and that income exceeding INR 1 lakh had escaped assessment.
During reassessment, the Assessing Officer examined the source of payment towards the property. The Tribunal noted that no adverse inference was ultimately taken on this issue and no addition was made on account of the INR 5.50 crore payment. Instead, the Assessing Officer proceeded to make additions of INR 20,11,341/- and INR 35,18,700/- as short-term capital gains relating to other properties at Vipul Agora, Gurgaon, and disallowed INR 47,74,320/- towards interest paid on home loans.
