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2023 (6) TMI 728 - AT - Income TaxReopening of assessment u/s 147 - cash deposit in bank - Reasons to believe - HELD THAT:- There is nothing on record to show that on receipt of the information, the AO had carried out any inquiry or investigation so as to demonstrate the source of the impugned cash deposits in the bank, which according to the AO was income escaped from the assessment so as to attract initiation of proceedings u/s 147. Assumption of jurisdiction by the AO to reopen the case of the assessee merely on the basis in formation of cash deposit in bank was not in accordance with law, and therefore, the impugned assessment order passed by the ld.CIT(A) is set aside and the assessment order passed under section 147 of the Act quashed. Decided in favour of assessee.
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