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2020 (1) TMI 1274 - AT - Income TaxValidity of reopening of assessment - eligibility of reasons to believe - eligible material forming the basis of the Assessing Officer's belief of escapement of income - cash deposits in the savings bank account - HELD THAT:- In 'Bir Bahadur Singh Sijwali' [2015 (2) TMI 60 - ITAT DELHI] is specific that what has to be examined is whether the fact of deposits, per se, in the bank account of the assessee could be the basis of holding the view that the income has escaped assessment. It is only belief of escapement of income, which would enable the AO to reopen a completed assessment. Herein, however, the Assessing Officer himself is of the belief that what has escaped assessment is the bank deposits of ₹ 13,19,000/-. Now, these deposits, as also held in 'Bir Bahadur Singh Sijwali' (supra), by themselves, do not lead to income being taxed in the assessee's hands. No decision contrary to 'Bir Bahadur Singh Sijwali' (supra) has been cited. It is hereby held that in the present case, the reasons recorded by the Assessing Officer were not reasons sufficient enough to enable reopening of the completed assessment. The reassessment proceedings and all further proceedings pursuant thereto, culminating in the impugned order, are held to be null and void.- Decided in favour of assessee.
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