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2022 (2) TMI 105 - ITAT JABALPURAddition of unexplained cash deposits in the assessee's bank accounts - HELD THAT:- The subsequent utilization of the deposit amount could also assume significance in this regard. These are of course apart from the aspect of the time lag attending the dates of the first sale and the first bank deposit, as well as a reconciliation of the dates qua the stated source of the second deposit. Meet the assessee's first contention, i.e., of the impugned assessment being invalid as it was finalized while the assessment proceedings were on and, further, without the benefit of the information called for vide notice u/s. 142(1) dated 24/10/2019. The material called for, as apparent from the annexure to the said notice, is the copy of the assessee's HDFC Bank account (for the relevant year) which, in view of the fact that the AO is in the know of the cash deposited by the assessee in his said account (not contended as joint with his father) on 03/3/2012, and which fact is not disputed, rather appears to be available with him. Nothing, thus, turns thereon; there being in fact no explanation by the assessee in its respect either before the AO or before the first appellate authority. No prejudice stands shown caused to the assessee thereby. The argument, therefore, fails. It is a open set-aside, and nothing stated or observed herein, even as it may raise pertinent issue/s to be addressed, may be construed as an expression of any opinion by the Tribunal. Also, the assessee is at liberty to produce and rely upon any material in support of his explanation/s or otherwise to advance his case before the assessing authority, irrespective of whether it was produced during the first round or not - We decide accordingly.
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