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2021 (10) TMI 667 - AT - Income TaxValidity of Reopening of assessment u/s 147 - non supply of copy of the approval of PCIT - HELD THAT:- Apart from stating that the AO had not supplied him copy of the approval of PCIT, could not point out any other defect in the reopening of the assessment. In our opinion, the assessee could not substantiate as to how the reopening is bad in law. Therefore, in absence of any merit in the arguments advanced by the ld. Counsel for the assessee, the ground challenging the validity of reassessment proceedings is dismissed. Addition of cash deposit - A perusal of the bank account shows that on certain dates, there are substantial cash withdrawals. However, neither the AO nor the CIT(A) has considered the same properly as to what is the extent of cash withdrawn from the bank account so as to enable the assessee to re-deposit the same after meeting his personal expenses, etc. - there are various other investments and deposits made by the assessee out of the said bank account - matter needs fresh adjudication by the AO. He shall also verify the past and subsequent records as to whether the assessee is opting for presumptive tax u/s. 44AF - AO is directed to verify the total cash withdrawals from the said bank account and after taking into account reasonable personal expenses and investments, etc., may consider the benefit of redeposit in the bank account from the said cash withdrawals. Appeal filed by the assessee is partly allowed for statistical purposes.
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