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2020 (4) TMI 21 - AT - Income TaxReopening of assessment u/s 147 - unexplained cash - relevant assessment year - HELD THAT:- Cash was found in possession of assessee on 13-04-2009 which is relevant to the AY.2010-11 and not to the AY.2009-10. Therefore, the presumption that the income has escaped assessment for the AY.2009-10 itself is not validly made. For this reason itself, the reopening of the assessment is not valid. Since re-opening of the assessment is not for valid reasons, the consequent re-assessment proceedings would also be void ab initio. Therefore,Grounds raised by the assessee and set aside the assessment made by the AO. AY.2010-11 - since there is no material filed by the assessee before the Tribunal to prove that the assessee had more cash than ₹ 45,000/- as estimated by the AO as on 13-04-2009, find no reason to interfere with the order of Ld.CIT(A), confirming the addition of ₹ 5,50,000/- made during the year. AY.2009-10, the assessee has claimed refund of taxes paid i.e., ₹ 5,95,000/- paid as self-assessment tax and there is a liability of assessee for the AY.2010-11 since the amount has been brought to tax in the AY.2010-11. The Department is therefore directed to adjust the self-assessment tax paid by the assessee for the AY.2009-10 towards tax liability of the assessee for the AY.2010-11, and the balance amount shall be refunded to the assessee as per law.
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