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2022 (2) TMI 188 - HC - Income TaxReopening of assessment u/s 147 - Cash deposits in an account other than a current account - HELD THAT:- We do not think that any case has been made out to interfere with the impugned notice or the impugned order. In this case, based on the material on record, we cannot say that the respondents had no reason to believe that income had indeed escaped assessment for the relevant assessment year. The circumstance about the discovery of cash deposits against the assessee's PAN number and the circumstance that for this assessment year, the assessee chose not to file any return at all, were, sufficient as well as relevant to the formation of reason to believe. Therefore, no case is made out to interfere with the impugned notice and the impugned order. Though we are dismissing the present petition, we make it clear that none of the observations in this order should either influence or affect the assessment proceedings taken out in pursuance of the impugned notice - respondents examine the matter in some detail, including, the defense of the petitioner herein in the context of the letter subsequently issued by the Goa Urban Cooperative Bank. The assessment will have to be completed by adverting to all this material no doubt after verifying the same in accord with the law. To this extent, therefore, even the petitioner will not be seriously prejudiced. - Decided against assessee.
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