TMI Blog2019 (10) TMI 599X X X X Extracts X X X X X X X X Extracts X X X X ..... ut any basis and proper material on record but the assessee has not brought any material on record to show that these deposits in the bank account do not represent the income of the assessee. Therefore, in the absence of any contrary fact or material available on record the information received by the AO regarding deposits made in the bank account of the assessee and specifically when the assessee has not filed any return of income constitute a tangible material to form the belief that the income assessable to tax has escaped assessment. Accordingly, we do not find any substance or merit in this ground of the assessee. Addition on account of deposits made in the bank account - HELD THAT:- Except the submissions of the assessee and an a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... AO u/s 69A of the Act without properly considering the reply furnished by the appellant and evidences produced during the course of assessment and appellate proceedings. 3. That on facts in the circumstances of the case the learned AO has also erred in making addition of ₹ 10649030/- being total of deposit/ credit entitles in assessee's bank accounts with Bank of Baroda Jaipur and Punjab National Bank Sikar as unexplained income, 4. That on the facts in the circumstances of the case both the leaned lower authorities have also erred in not properly considering the entries in the bank account and considering the total amount of credits in bank accounts of ₹ 10649030/- as unexplained inco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ot file any return of income for the year under consideration and the Assessing officer received an AIR information regarding deposit of cash of ₹ 38,29,000/- in the Bank of Baroda, Jaipur. Accordingly, the AO reopened the assessment by issuing notice U/s 148 of the Act. The ld. DR thus submitted that once the assessee has not filed the return of income and there was definite information about the cash deposit in the bank account of the assessee then the initiation of proceeding U/s 147/148 of the Act was justified. He has relied upon the orders of the authorities below. 4. We have heard the submissions of ld. DR and carefully perused the relevant findings of the AO as well as ld. CIT(A). There is no dispute that there ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ourse of reassessment proceedings, the AO noted that there was a cash deposit of ₹ 91,22,995/- in the bank account of the assessee maintained with bank of Baroda and further a net deposit of ₹ 15,26,035/- was also found in the bank account maintained with PNB, Sikar. Thus, a total amount of ₹ 1,06,49,030/- were found deposited in two bank accounts of the assessee maintained with two different branches. During the proceedings before the authorities below the assessee explained that the accounts were operated by one Shir Amit Goyal. However, the AO did not accept this explanation of the assessee on the ground that when the bank account is owned by the assessee then deposits made in these bank account cannot be treated to be ..... X X X X Extracts X X X X X X X X Extracts X X X X
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