Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2019 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (11) TMI 1002 - AT - Income TaxValidity of the Re-opening of assessment u/s 147 - reason to believe to initiate the proceedings u/s 147 - addition u/s 68 - HELD THAT:- AO has questioned the cash deposit amounting to ₹ 38 lakhs. I also find that the Assessing Officer has categorically mentioned that no return of income was filed for Assessment Year 2012-13. The bank deposit details shows that total cash found to be deposited on various dates amounts to ₹ 28.50 lakhs. This means that the AO is contradicting himself. Secondly, the Assessing Officer says that no return of income was filed whereas, at second para of his order, the Assessing Officer himself states that the assessee has furnished copy of return of income electronically filed on 24.12.2013 declaring total income of ₹ 5,84,130/-. Reasons given by the Assessing Officer are devoid of any application of mind since not only the Assessing Officer assumed incorrect figure of cash deposits but also completely ignored the fact that return for the year under consideration was already filed on 24.12.2013. These facts can be gathered from the body of the assessment order itself - assumption of jurisdiction by the Assessing Officer by issuing notice u/s 148 of the Act is bad in law - Decided in favour of assessee.
|