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2017 (4) TMI 1427 - AT - Income TaxReopening of assessment - undisclosed cash deposits in the bank account - HELD THAT:- Cash to the extent of ₹ 10,16,000/- has been deposited in the savings bank account of the assessee and there is no material on record to form a belief that income has escaped assessment. AO has proceed on a fallacious assumption that the cash deposits in the bank constitute undisclosed income without bringing any material on record to substantiate that the income has escaped assessment which can fall u/s 147 of the Act. Therefore, the assessee does not acquire any jurisdiction to assess/reassess the present case and accordingly, the order passed u/s 147 of the Act is directed to be quashed. - Decided in favour of assessee.
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