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2019 (9) TMI 346 - AT - Income TaxReopening of assessment u/s 147 - unexplained cash deposits - HELD THAT:- AO in the reasons recorded incorrect facts that assessee made cash deposit of ₹ 9 lakhs, despite assessing officer has accepted that assessee made cash deposit of ₹ 7,50,000/- only. AO while recording the reasons has not applied mind to the material on record. Source of purchase of shares have been accepted by the assessing officer, which was also found factually incorrect. Further the deposit in the bank account per se cannot be income of the assessee. It is mere suspicion of the assessing officer based on incorrect facts that income chargeable to tax has escaped assessment. Following the reasons for the decision in the case of Shri Abrar Ahmad Qasimi, Delhi vs. ITO, Ward-46(5), New Delhi [2018 (6) TMI 1655 - ITAT DELHI] set aside the orders of the authorities below and quash the reopening of the assessment in the matter. Resultantly, the addition made in the re-assessment would stand deleted. - Decided in favour of assessee.
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