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44. [2025] 124 ITR(T) 410 (Jaipur - Trib.) Kailash Chand vs. ITO ITA NO.: 565/JP/2024 A.Y.: 2012-13 DATE: 10.03.2025 Sections: 147 r.w.s. 144
Reassessment – Jurisdiction to make additions – No addition made on the issue for which case was reopened – Other additions not sustainable – Reassessment invalid
FACTS
The assessee was engaged in the business of plying of trucks on hire. He had not filed his return of income for the year under consideration.
The revenue was in possession of the information that the assessee had deposited a sum of ₹ 42.46 lakhs during the financial year 2011-12 in his saving bank account. In the absence of return of income, the above transaction was considered as not verifiable and accordingly, notice under section 148 was issued upon the assessee.
The assessee made part compliance and submitted the copy of balance sheet and profit and loss account. Thereafter despite various opportunities provided, the assessee remained non-compliant and the Assessing Officer went on making the addition on account of depreciation, interest on loan etc. which were based on the profit and loss account and balance sheet filed by
