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2021 (5) TMI 917 - AT - Income TaxReopening of assessment u/s 147 - as per the assessment order the notice was returned back with the postal remark that the same was not accepted, thus passed assessment order u/s 144 - cash transaction treated as unexplained deposit and treated the same as income under Section 69A - HELD THAT:- As regards the contention of notice not properly served by the Assessing Officer, the explanation of the postal authorities is that the assessee has refused to take notice is a good service and hence ground Nos. 1 to 7 are dismissed. Addition u/s 69A - From the perusal of the record presented before the CIT (A), it can be found that the explanation given by the assessee relating to sale of land for ₹ 36,90,000/- was duly reflected in his bank account. The CIT (A)’s stand that no explanation was offered relating to the remaining cash deposit to the extent of ₹ 26,20,000/- is not correct. The cash deposits were made according to the sale deed dated 22.07.2008 and the amount was received on 22.07.2008 and 24.01.2009 which was properly reflected in assessee’s bank account. Therefore, the CIT (Appeals) was not right in sustaining the remaining amount of cash deposit to the extent of ₹ 26,20,000/-. Therefore, on merits the assessee succeeds and ground Nos. 8 to 13 are allowed.
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