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2017 (3) TMI 1844 - AT - Income TaxReopening of assessment u/s 147 - excess deposit in his bank account which has escaped assessment - addition of agriculture income - HELD THAT:- AO noted that assessee made excess deposit in his bank account which has escaped assessment, therefore, assessee has not fully and truly disclosed all material facts necessary for assessment in assessment year under appeal. Assessing Officer, however, did not make any addition of excess cash deposit in the impugned re-assessment order. The assessee also produced sufficient evidence on record to prove that Assessing Officer has taken the lesser bank deposit because ₹ 10 lacs deposit have not been considered by the Assessing Officer in the bank account of the assessee. Ultimately, Assessing Officer was satisfied with the explanation of the assessee of bank deposits, therefore, no addition is made. The reasons recorded by the Assessing Officer were, therefore, wholly incorrect and did not lead to anywhere if there is any escapement of income. AO also not recorded any fact in the reasons if agriculture income escaped assessment. Assessing Officer called for the details of agriculture income at original assessment stage and asked for all the evidences in support of declaration of agriculture income - The assessee produced sufficient evidence and material before AO at original assessment stage in support of earning of agriculture income. Therefore, there is no failure on the part of the assessee to disclose fully and truly all material facts necessary for his assessment with regard to computation of agriculture income. The Assessing Officer in the reasons for reopening of the assessment has nowhere recorded if assessee has not fully and truly disclosed all material facts for declaring agriculture income. The record, on the other hand, would reveal that assessee disclosed fully and truly all material facts of earning of agriculture income at the original assessment stage. Therefore, all the facts of earning of agriculture income supported by evidences were within the knowledge of Revenue Department/Assessing Officer at the time of making the original assessment. The assessee has, thus, disclosed all the material facts of earning of agriculture income at the original assessment stage. No further material is supposed to have been disclosed by the assessee for earning of agriculture income - Therefore, on mere change of opinion, subsequent Assessing Officer is not competent to initiate proceedings under section 148 - Decided in favour of assessee.
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