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2013 (4) TMI 658 - AT - Income TaxRe opening of assessment - assessing officer formed an opinion that income of the assessee is only Rs.2,96,246/-, whereas he has deposited an amount of more than 27,24,750/- in two saving bank accounts in cash, thus the income has escaped assessment - Held that:- As during the course of hearing a query being put to the assessee that, whether assessee has annexed the copy of the bank statement with the return or made any note on the computation of income showing as to how a large number of amounts have been deposited in cash replied in negative. The information received from the investigation wing suggest deposits of Rs.27,24,750/- in cash in two banks accounts. It could be cross verified with the bank statements along with the disclosure of facts that this amount was received on account of sale proceeds of the hotel etc. In absence of complete information, assessing officer has to make an inquiry. Thus the assessing officer has concrete information which enable him to form an opinion that income has escaped assessment. Against assessee. CIT(A) deleted the addition - cash deposited in cash in two bank accounts - Held that:- The assessee has explained the source in this case. The grievance of the AO is, why he has not deposited the amount in the bank on the date of receipt itself is too be hyper technical in his approach, once assessee has demonstrated the availability of cash in hand more than the one deposit in the bank account, though subsequently, then probably explanation of the assessee ought to be accepted, unless some other incriminating facts brought on record. AO has simply disbelieved and the explanation of the assessee and simple denial is a no denial, he has to assign the reason which is acceptable in law. No merit in this appeal of the revenue.
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