Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2023 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (10) TMI 663 - AT - Income TaxValidity of reopening of assessment - unexplained cash found deposited in Bank Account - HELD THAT:-As decided in the case of Raymond Woolen Mills Ltd. [1997 (12) TMI 12 - SUPREME COURT] has held that in determining whether commencement of re-opening proceedings are valid it has only to be seen whether there was prima facie some material on the basis of which department could re-open the case. In this case, ld AO received AIR information about cash deposit in Saving Bank A/c based on which case was reopened by issue of notice u/s 148 - AO was having sufficient & cogent material to form his "reason to believe" about escapement of income so as to reopen the case and therefore, issue of notice u/s 148 of the Act for re-opening the assessment was valid and legal, hence sustained. Addition u/s 69A - Unexplained cash - cash deposited in the bank account - HELD THAT:- As there is no evidence that assessee does any business. Further, ld. CIT (A) has found that there is no evidence/proof of agricultural income. In these circumstances, the source of cash remains unsubstantiated. Hence, we uphold the order of ld. CIT (A). Appeal decided against assessee.
|