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2019 (10) TMI 1404 - AT - Income TaxReopening of assessment u/s 147 - unexplained cash deposits - assessee could not explain the source of cash deposited in the bank account of M/s Shree Radha Commodities Services from whom the assessee had received the impugned amount during the year under consideration - HELD THAT:- In the instant case, the Ld. CIT(A) categorically stated that for the A.Y. under consideration assessment in the case of M/s Shree Radha Commodities Services was reopened under section 147 of the Act under identical facts and the reassessment was completed under section 143(3) read with section 147 of the Act vide order dt. 23/03/2016, however no addition on account of cash deposits were made and the A.O. came to the conclusion after verifying the books of accounts that the cash deposited was found to be explained. The said observation of the Ld. CIT(A) was not rebutted. In the present case when the cash deposited in the bank account of M/s Shree Radha Commodities Services was accepted and considered to be genuine while framing the assessment under section 143(3) r.w.s 147 of the Act vide order dt. 23/03/2016 then the amount received by the assessee through banking channel out of the said cash deposited in the bank account of M/s Shree Radha Commodities Services cannot be considered as unexplained or non genuine in the hands of the assessee. We therefore do not see any valid ground to interfere with the findings given by the Ld. CIT(A).
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