Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (6) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (6) TMI 1655 - AT - Income TaxReopening of assessment u/s 147 - unexplained deposit under section 69A - HELD THAT:- A.O. merely noted in the reasons that since there is an information available on ITD System of the Department that assessee has made cash deposits of ₹ 14,75,000/- in his Bank Account, therefore, income chargeable to tax has escaped assessment. Deposit in the bank account per se cannot be the income of the assessee. This is a mere suspicion of the A.O. based on incorrect fact that income chargeable to tax has escaped assessment and accordingly, quashed the reopening of the assessment. See TAJENDRA KUMAR GHAI C/O M/S. RRA TAXINDIA VERSUS ITO – 1 (5) RUDRAPUR [2017 (6) TMI 491 - ITAT DELHI] - Appeal of the assessee is allowed.
|