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2024 (4) TMI 403 - ITAT SURATReopening of assessment u/s 147/148 - reasons to believe - unexplained deposits in the bank account - HELD THAT:- AO having gone through the information and the bank statement concluded that the income has escaped assessment and therefore the reasons were recorded by the Assessing Officer based on tangible material, which are valid reasons for reopening the assessment. We note that the case laws relied by the Ld. Counsel for the assessee, are not squarely applicable to the facts of the assessee’s case. The Ld. Counsel also stated that notice under section 148 of the Act, was not issued to the assessee. However, we do not agree with assessee because the Assessing Officer has clearly mentioned in his assessment order that the notice under section 148 of the Act was issued to the assessee on dated 29.03.2019, hence, we reject this technical plea raised by the assessee. Moreover, we note that the assessee has not contested the issue of reopening of assessment, under section 147/148 of the Act during the assessment stage, therefore, in our view, the reopening of assessment under section 147/ 148 of the Act is valid, thus, ground No.1 raised by the assessee is dismissed. Unexplained cash deposited in the bank account - Counsel stated that the assessee has redeposited the cash withdrawn from the bank and partly amount deposited from the agricultural income - We note that there is a little merit in the arguments advanced by assessee, hence considering the above facts we are of the view that end of the justice would be meet if some percentage of the total addition may be added in the hands of the assessee. We note that the entire cash deposit in the bank account is not income of the assessee. Therefore we direct the assessing officer to disallow 10% of the balance amount - Decided partly in favour of assessee.
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