Case Law Details
ITO Vs Gungun Gold Infra Pvt. Ltd. (ITAT Delhi)
ITAT Delhi held that assessment order suffered from non-application of mind and also overt omission and failure on the part of the assessee to disclose fully and truly all material facts as were necessary for the assessment. Accordingly, reopening of assessment u/s 148 justified.
Facts-
Post investigation, it was observed that the turnover declared by the Assessee was Rs. 500 except with no other expense or income declared. Huge cash deposit during the period between 01.04.2009 to 31.03.2010 in the Assessee’s bank account was found particularly with M/s. Priya Tissues Pvt. Ltd. Accordingly the case of the Assessee was reopened u/s 148 of the Act by obtaining due approval of the competent authority and statutory notice was issued on 31.03.2017. The Assessee submitted the return filed by the Assessee on 26.03.2012 may be treated as return filed in response to notice u/s 148 of the Act. The Assessee had claimed that the scrutiny assessment in his case for Assessment Year 2010-11 has already been passed by DCIT, Central Circle-4, New Delhi already on 22.03.2013 by accepting the returned income of Rs. 500/- and reopening of the assessment u/s 148 cannot be continued. The Assessee also approached the Hon’ble High Court vide writ petition No. 9286/2017 in which ultimately writ petition was dismissed as withdrawn.
Conclusion-
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