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2019 (1) TMI 355 - HC - Income TaxReopening of assessment - unexplained source of fund under Section 68 and cash fund under Section 269SS - Held that:- The application of mind of the income tax officer should be that of a prudent and reasonable man. Some material may subsequently be discovered along with other discovery which the income tax authority would use to form the opinion that the assessee was guilty of concealment of income. Furthermore the case of the department cannot be whimsical. On a given set of facts it cannot at one point of time say that there was no concealment of income and at another point of time say, otherwise. There was no scope of change of opinion. The income tax department cannot presume something to have happened five years ago just because in the assessment year 1997-98 the assessee failed to explain its source of fund under Section 68 and cash fund under Section 269SS. It did not mean that it indulged in similar activity in the previous year 1992-93. For all those reasons we feel that the Tribunal was absolutely right in dismissing the appeal against the order of the CIT(A). - decided in favour of assessee
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