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2020 (11) TMI 812 - ITAT JAIPURReopening of assessment u/s 147 - whether there was prima facie some material on the basis of which the department could reopen the case? - HELD THAT:- The “reasons to believe” would mean “cause or justification” - at the stage of initiating the proceedings for reopening of assessment by issuing notice, the only question which should bear in mind is as to whether there was relevant material on which a reasonable person could have formed a requisite believe and in our view, the A.O. was well within his right to reopen the assessment on the basis of information received from I&CI Wing of the department that the assessee had purchased property in the year under consideration and during the course of enquiries made by I&CI Wing of the department, the assessee could not explain the source of investment. In view of the above facts and circumstances, we find no reason to interfere in the order of the ld. CIT(A) qua this issue, accordingly, we uphold the same. Addition u/s 68 - treating the loan taken by the assessee from Smt. Kamla Tahaliyani as bogus - HELD THAT:- Cash deposited in the bank account is totally sourced by the cash withdrawals made earlier. Hence, adverse inference drawn by the revenue authorities under these peculiar facts and circumstances is unwarranted. Therefore, in our view, the CIT(A) erred in sustaining the addition without considering this fact that the cash deposited in the bank account was fully sourced from the earlier cash withdrawals from the same bank account, therefore, the findings of the ld. CIT(A) that immediate source of advancing money is unverifiable, are factually incorrect and are perverse. Therefore, keeping in view our above discussion, we direct the A.O. to delete the addition made u/s 68. Addition of advance payment by the assessee against the sale of property from Shri Ram Swaroop Mali - admission of additional evidence - HELD THAT:- During the course of argument, the assessee had also placed on record an application dated 21/09/2020 to accept an affidavit as additional evidence under the provisions of Income Tax Appellate Rules, 1963 (in short, the Rules). In the said application, the assessee wants to place on record an affidavit of Shri Chhitar Mali, S/o- Shri Ramswaroop Mali as additional evidence, however, the ld AR has failed to demonstrate as to how the present application filed by the assessee is meeting with the ingredients contained in Rule 29 of the Rules. Therefore, in our view, the present application for accepting the affidavit as additional evidence moved by the assessee deserves to be dismissed and the same is accordingly dismissed. A.O. had believed the source of ₹ 4,89,000/- from the agricultural income of Shri Ramswaroop Mali but in respect of the amount of ₹ 5.11 lacs, the assessee has not placed on record any document in respect of purchase and sale of truck by son of Shri Ramswaroop Mali. The assessee has not placed on record any corroborative evidence, such as, Registration, transfer certificate or any other documents to demonstrate for acquiring and sale of truck by son of Shri Ramswaroop Mali and absolutely no evidence to prove that the said son had given amount to Shri Ramswaroop Mali. In view of the above facts and circumstances, we find no reason to interfere in the order of the ld. CIT(A) qua this issue, accordingly, we uphold the same.
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