Section 147 Reopening Validity: When Search Information Doesn’t Require Section 153C

Yakin Jayantilal Shah Vs ITO (ITAT Ahmedabad) Assessee, an individual engaged in small trading business, filed returns u/s 139(1) declaring modest income. Based on information from search on Shri Renuka Mata Multi-State Urban Co-op Credit Society Ltd. (RMM) on 26.05.2017, AO found substantial cash deposits in assessee’s accounts with RMM, allegedly disproportionate to returned income. AO issued notice u/s 148 for AYs 2013-14 to 2017-18 & completed ex-parte reassessment u/s 147 r.w.s. 144B & 144, adding entire cash deposits u/s 69A as unexplained money, without allowing any deduction ...