Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (12) TMI 289 - AT - Income TaxReopening of assessment u/s 148 - addition on account of cash deposited in the bank account - Held that:- A.O. in this case recorded in the assessment order that as per information available on record, assessee has made cash deposit of ₹ 39 lakhs in his bank account and on that basis, A.O. recorded reasons for reopening of the assessment reproduced above. Further, in the reasons, A.O. has recorded about information available with him of cash deposit of ₹ 10 lakhs only. Thus, there is a contradiction in the statement recorded in the assessment order as well as in the reasons above. The A.O. without verifying the information has recorded the reasons for reopening of the assessment. A.O. has not applied his independent mind to the information received in this regard. The deposit in the bank account per se cannot be income of the assessee. It is mere suspicion of the A.O. based on an incorrect fact that income chargeable to tax has escaped assessment. - decided in favour of assessee. Levy of penalty under section 271(1)(c) - A.O. levied the penalty on account of addition made of unexplained cash deposit - Held that:- Since the re-assessment have been quashed and addition have been deleted, therefore, penalty proceedings would not survive. Accordingly, set aside the Orders of the authorities below and cancel the penalty.
|