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2016 (10) TMI 777 - HC - Income TaxReopening of assessment - cash deposit in the bank account is much more than the amount of sales shown the return - income escaping assessment - AIR information - Held that:- The fact that the petitioner had made sizable cash deposits in the bank accounts was known to the Assessing Officer. There was no failure on the part of the assessee to disclose these material facts called upon by the Assessing Officer. In fact, the Assessing Officer appears to have been convinced that the assessee who was in the business of trading of Gutakha and other provisional items would deal in cash receipts. He would deposit such cash received by him in savings and current accounts and would issue cheques to the creditors. When the scrutiny assessment took into account all such facts, it would be simply not permissible for the department to reopen the issue in the guise that certain cash deposits were unexplained. - Notice issued u/s 148 quashed - Decided in favor of assessee.
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