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2021 (12) TMI 396 - AT - Income TaxReopening of assessment u/s 147 - Unexplained Cash deposits - HELD THAT:- As reasons recorded by the Assessing Officer while reopening the case have been grossly erroneous as at the first instance there were no such cash deposits in the bank account. Further, an amount has been deposited through cheques which pertain to regular course of business of the assessee. Hence, in view of the erroneous reasons recorded on account of unexplained cash deposits by the Assessing Officer, the addition made on this account cannot be upheld. Unexplained investments u/s 69 - Since, the amount stands assessed in the hands of the assessee for the A.Y. 2006-07, the property involved is the same and there was no evidence of payment of ₹ 10,00,000/- by the assessee, we hold that no further addition is required to be made in the instant assessment year. In view of these facts, the order of the ld. CIT(A) cannot be sustained. Appeal of assessee allowed.
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