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2023 (4) TMI 1101 - AT - Income TaxReopening of assessment u/s 147 - cash deposit in saving bank unexplained - assessee and her son are joint owner of a saving bank account - HELD THAT:- The assessee and the son of the assessee does not have taxable income during the year and therefore, they have not filed any return of income. The family of the assessee are having some agricultural income and small income from share transactions. The assessee is residing in very small village where no private bank are available also no core banking is available during the year under consideration. Therefore, the assessee and their family members used to deposit their cash in this account and apply for initial public issue. It is pertinent to note that the reasons recorded in assessee and her son’s case are identical and the Assessing Officer has recorded the reasons stating therein that the assessee has entered into monetary transaction i.e. cash deposited in the saving bank account and no return of income was filed by the assessee. But the basic fact that assessee is not eligible for filing return of income was not taken into account and therefore, there was no application of mind while recording the reasons for reopening. Decided in favour of assessee.
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