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Judgment
This assessee’s appeal for assessment year 2014-15, arises against the Commissioner of Income Tax (Appeals)/Addl./JCIT(A), Thane’s order dated 06.03.2026, having DIN and Order No. ITBA/APL/S/250/2025-26/1086953728(1), involving proceedings under section 144 of the Income-tax Act, 1961 (hereinafter referred to as ‘the Act’).
Heard both the parties. Case file perused.
Coming to the first and foremost legal issue herein, it emerges during the course of hearing that the learned assessing authority had set into motion section 148/147 proceedings alleging the assessee had received cash credits of Rs.85 lakhs and debited Rs.81 lakhs from his bank accounts maintained with ICICI bank, Axis Bank, IndusInd Bank and Bank of Baroda. However, the Assessing Officer completed the assessment on 28.11.2019 disallowing Rs.20,00,305/- by applying NP @ 27.69% of the total credits of Rs.81 lakhs (i.e. Rs.22,42,890 - Rs.2,42,585/- , being the income declared in ITR), which never formed part of the foregoing reopening reasons.
That being the clinching factual position, I hereby quote Ranbaxy Laboratory Vs. CIT (2011) 335 ITR 136 (Del) and CIT Vs. Jet Airways (I) Ltd. (2011) 331 ITR 236 (Bom.) holding that such a reopening wherein the learned Assessing Officer does not make any addition qua the sole reason therein; is not sustainable in law. The same stands quashed in very terms therefore.
All other pleadings between the parties on merits stands rendered academic.
This assessee’s appeal is allowed.