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2019 (10) TMI 599 - ITAT JAIPURValidity of initiation of proceeding u/s 147/148 - DR has pointed out that the assessee did not file any return of income for the year under consideration and the AO received an AIR information regarding deposit of cash of ₹ 38,29,000/- in the Bank of Baroda, Jaipur - HELD THAT:- AO after considering the withdrawal as well as transfer from one account to another account calculated the net deposit and therefore, the AO has formed the opinion that income assessable to tax has escaped assessment. We further note that before the CIT(A), the assessee has advanced arguments challenging the initiation of proceedings u/s 148 the same is without any basis and proper material on record but the assessee has not brought any material on record to show that these deposits in the bank account do not represent the income of the assessee. Therefore, in the absence of any contrary fact or material available on record the information received by the AO regarding deposits made in the bank account of the assessee and specifically when the assessee has not filed any return of income constitute a tangible material to form the belief that the income assessable to tax has escaped assessment. Accordingly, we do not find any substance or merit in this ground of the assessee. Addition on account of deposits made in the bank account - HELD THAT:- Except the submissions of the assessee and an affidavit filed in support of the submissions the assessee has not produced any other record to establish that the cash deposited in the bank account of the assessee was actually belong to one Shri Amit Goyal. In the absence of any documentary evidence to show that the said amount actually belongs to alleged shri Amit Goyal and also offered to tax in the hand of the other person we do not find any reasons to interfere with the impugned order of the ld. CIT(A) qua this issue.
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