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2023 (10) TMI 1031 - ITAT RAIPURValidity of Reopening of assessment u/s 147 - reasons to believe - addition u/s. 69 - HELD THAT:- As is discernible from the assessment order, the A.O. had categorically stated that notice u/s. 148 was issued to the assessee. As no material is discernible from the record that could support the aforesaid claim of the assessee that notice u/s. 148 suffered from any infirmity, which would suffice to render the assumption of jurisdiction for framing of the impugned assessment u/s. 144 r.w.s. 147 as invalid and void ab initio; thus, the same is rejected. Assessee has assailed the validity of the “reasons to believe,” on the basis of which proceedings u/s. 147 of the Act had been initiated in his case. Although it is the claim of the assessee that the AO on a fallacious basis, had assumed jurisdiction and wrongly initiated proceedings u/s 147 on the basis of his observation that bank deposits constituted the undisclosed income of the assessee, we are unable to concur with the same. Assessee had made cash deposits in his savings bank account in Punjab & Sind Bank and also received interest income on the said deposits during the year, but had not filed his return of income, therefore, the said facts were sufficient for the A.O to form a bona fide believe that the income of the assessee chargeable to tax had escaped assessment within the meaning of Section 147 of the Act. Addition u/s 69 - As the assessee had neither filed any explanation as regards the cash deposits made in his bank account during the year under consideration; or as regards the interest income earned on the same, therefore, find no reason to intervene with the well-reasoned view taken by the lower authorities who had rightly held the same as his unexplained investment u/s. 69 - Decided against assessee.
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