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2019 (11) TMI 1102 - AT - Income TaxReopening of assessment u/s 147 - Reopening on the basis of the information received from Addl. Director Income Tax (Inv.) that the assessee has deposited cash and made unexplained investment - HELD THAT:- Reasons given by the AO in notice u/s 148 are merely mechanical and have not given any concrete reasons as to why the re-opening is justified. As regards addition u/s 69, the assessee has given a detail of investments and the fact that the addition of the said amount is already made in the hands of the father of the assessee does not sustain in the hands of the assessee. As regards addition u/s 68 in respect of cash deposits, the Assessing Officer himself admitted that the cheque of ₹ 10,00,000/- has been returned back which was not at all considered by the CIT(A). The reasons are mechanical as all the investment as well as the loans were demonstrated by the assessee as per the audited balance sheet itself. Therefore, the Assessing Officer was not right in reopening the assessment which is bad in law and without any justified reasons for the additions. Thus, the appeal of the assessee is allowed.
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