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2014 (3) TMI 679 - AT - Income TaxUnexplained opening balance – Held that:- Even though there may be difference of opinion as to the amount of agricultural income which could be obtained from the land and the lack of evidence produced with respect to the same, the issue of Assessing Officer not accepting the opening balance and treating the same as NIL is incorrect - the lower authorities have erred as they have overlooked the principle that the opening balance cannot be disturbed this year - The authorities can only reopen for the earlier year – Relying upon ACIT vs. Smt. N.Sasikala [2004 (12) TMI 340 - ITAT MADRAS-A] - The opening balance of cash cannot be treated as unexplained in the assessment year – Decided in favour of Assessee.
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