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2022 (5) TMI 1442 - AT - Income TaxReopening of assessment u/s 147 - eligibility of reason to believe - Unexplained cash deposits made at the assessee - HELD THAT:- We find no merit in the Revenue’s instant arguments. This is for the reason that the Assessing Officer has mainly gone by the fact that the cash deposits made at the assessee’s behest “cannot be explained” from the known sources of income of the assessees from the return of income filed and other evidence(s) available on record whereas these taxpayers turned out to be non filers only. Such non application of mind in recording reasons does not deserve to be concurred with as held in Meenakshi Overseas Pvt. Ltd. [2017 (5) TMI 1428 - DELHI HIGH COURT] and PCIT Vs. RMG Polyvinyl Ltd [2017 (7) TMI 371 - DELHI HIGH COURT] - This is coupled with the hon’ble jurisdictional landmark decision in Hindustan Lever Ltd. vs. R.B. Wadkar [2004 (2) TMI 41 - BOMBAY HIGH COURT] held long back that the reopening reasons have to be read on standalone basis without any scope of addition, deletion or substitution therein even if supportive material emerges at a later stage. We find no substance in the Revenue’s instant argument as well in light of Bir Bahadur Singh Sijwali[2015 (2) TMI 60 - ITAT DELHI] it is of the considered view that the reasons recorded by the Assessing Officer, as set out earlier, were not sufficient reasons for reopening the assessment proceedings. We, therefore, quash the reassessment proceedings - Decided in favour of assessee.
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