Pankaj Chandrakant Pimple Vs International Tax Ward 3(3)(1) (ITAT Mumbai)
ITAT Mumbai held that reopening of assessment under section 148 of the Income Tax Act beyond 3 years liable to be quashed as escaped income is less than INR 50,00,000. Thus, notice issued u/s. 148 quashed.
Facts- Based upon the information, the assessee’s case was reopened for the reason that the assessee has entered into transaction for purchase of property for a sale consideration of Rs. 90,00,000/-, were the stamp duty value of the said property was Rs. 1,25,13,283/-. AO passed the draft assessment order dated 19.05.2023 u/s. 144C(1) of the Act, were the total income was derived at Rs. 35,13,283/-.
The assessee filed his objections before the Hon’ble DRP however the same was dismissed. AO then passed the final assessment order dated 24.02.2024, u/s. 144 r.w.s. 147 r.w.s 144C(13) of the Act, being the best judgment assessment on the ground that the assessee has failed to comply with the proceeding and has also not furnished any supporting documentary evidence to substantiate his contentions that the payments were made in F.Y. 2013-14 and further has also failed to submit the value of the property pertaining to that year. AO added the difference in the stamp duty value amounting to Rs. 35,13,283/- as per Section 56 (2) of the Act and the same is added as unexplained investment u/s. 69 of the Act.
