The Assessing Officer initiated reassessment proceedings against the assessee on account of the assessee\u2019s time deposits, cash deposit in bank accounts and interest income, respectively,\u00a0 he ultimately made addition under section\u00a068\u00a0on unexplained cash credits in the nature of unsecured loans\/land advances. The Commissioner (Appeals) partly reversed the additions. On appeal\u00a0 by the Revenue the assessee moved an application as per\u00a0 Rule 27 of the\u00a0 Income-Tax (Appellate Tribunal) Rules, 1963, challenging that when the Assessing Officer\u00a0 not making addition pertaining to reasons recorded for reopening assessment, other additions cannot be made. Tribunal admitted the Rule 27 application and held that \u00a0when the Assessing Officer had not made any addition pertaining to his three-folded reasons for reopening the assessment.\u00a0 The reopening was not sustainable in law. (AY.2012-13)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 147 : Reassessment-Not made any addition pertaining to three-folded reasons for reopening the assessment-Cash credits-Reassessment order is bad in law.[S. 68, 148, 254(1)] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-36846","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-9Ai","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/36846","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=36846"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/36846\/revisions"}],"predecessor-version":[{"id":36847,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/36846\/revisions\/36847"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=36846"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=36846"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=36846"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}