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2024 (4) TMI 266 - AT - Income TaxValidity of Reopening of assessment u/s 147 - Cash deposited in bank account - assessee has not furnished the Income Tax Return for assessment year 2010- 11 - whether the deposits made in the bank account were reflecting in the return of income or not? - HELD THAT:- Facts on record clearly reveal that the assessee, indeed, has furnished his return of income under section 139(1) of the Act for the assessment year under dispute. Thus, it is established on record that while recording the reasons for reopening of assessment, the AO has not thoroughly examined the materials available in his own record. Also further observed that the return of income for the impugned assessment year was filed by the assessee before the very same AO. Had he examined the assessment record properly certainly, he could have verified the return of income filed by the assessee and ascertained whether the deposits made in the bank account were reflecting in the return of income or not. Thus, it is evident, the Assessing Officer has reopened the assessment on wrongful assumption of facts. This, in our view, vitiates the initiation of proceedings under section 147 of the Act, which ultimately culminated in passing of the assessment order under section 147/144 of the Act. Thus proceedings initiated for reopening of assessment under section 147 of the Act are invalid. Decided in favour of assessee.
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