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2023 (9) TMI 153 - AT - Income TaxValidity of reopening of assessment - Cash deposit unexplained - HELD THAT:- The assessee furnished return of income in response to notice u/s 148 and that ultimately no addition on account of cash deposit in bank account was made. Before us assessee explained that there is no new deposit in the bank and that deposits in the bank belongs to Shree Swaminarayan Seva Trust which is source from the proceeds of old FDs. On perusal of record of various bank statements, find merit in the submission of assessee that the reopening for the assessment year under consideration is the same which was the basis for A.Y. 2009-10 wherein the department has already accepted and no addition was made on the basis of similar reasons of reopening. The only difference in facts are that for this year, the assessing officer made reopening by recording that the assessee made time deposits in bank account. Therefore, reopening under Section 147 of the Act on the basis of similar reasons, which was the basis of earlier assessment year (2009-10), is not justified, particularly when the assessing officer was satisfied and nor addition was made. Thus, the reopening u/s 147 is invalid and the assessment order passed by the Assessing Officer is held void ab initio. Decided in favour of assessee.
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