Reopening of the assessment u/s 147 of the Income Tax Act,

IN THE INCOME TAX APPELLATE TRIBUNAL
VISAKHAPATNAM BENCH, VISAKHAPATNAM

BEFORE SHRI N.K. CHOUDHRY, HON’BLE JUDICIAL MEMBER &
SHRI D.S. SUNDER SINGH, HON'BLE ACCOUNTANT MEMBER

I.T.A. No. 210/VIZ/2020
(Asst. Year : 2011-12)

Kasapu Ramesh Babu,
D.No. 10-38-9, Ramnagar, Visakhapatnam.
PAN No. AUKPK 6318 B
(Appellant)

Vs.

ITO, Ward-1(4)
Visakhapatnam.
(Respondent)

Assessee by : Shri C.Subrahmanyam, CA.
Department by : Shri B.Satyanarayana Raju, Sr.DR

Date of hearing : 02/02/2021.
Date of pronouncement : 12/02/2021.

O R D E R

PER N.K. CHOUDHRY, JUDICIAL MEMBER

This appeal has been preferred by the assessee against the order dated 21/09/2020 impugned herein passed by the ld.CIT(A)-1, Visakhapatnam u/sec. 250(6) of the Income Tax Act, 1961 (hereinafter referred to as "Act") for the A.Y. 2011-12.

2. Brief facts of the case are that the Assessee being an individual filed his return of income for the assessment year under consideration by declaring „NIL‟ income on 31/07/2018 in pursuance to the notice issued u/sec. 148 of the Act. The AO completed the assessment u/sec. 143(3) r.w.s. 147 and made the addition of Rs. 24,40,160/- and 2,45,130/- qua bank deposits and ICICI credit card payments respectively.

3. Being aggrieved, the Assessee preferred first appeal before the ld. CIT(A), who while holding the proceedings u/s 147 of the Act as valid, partly sustained the assessment order by deleting the additions of Rs. 12,20,080/- (out of Rs. 24,40,1601/-) and Rs.2,45,130/- in respect of bank deposits and credit card payments respectively. 

4. The Assessee challenged the impugned order before this Tribunal by raising the following grounds of appeal:-

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