TMI Blog2012 (10) TMI 326X X X X Extracts X X X X X X X X Extracts X X X X ..... sment year 1989-90, in respect of which the remedy was available to the revenue to file appeal against the assessment order of the assessment year 1989-90 - AO did not have any material on which he could have recorded his satisfaction that any part of the income of the assessee had escaped assessment to initiate proceedings under Section 147/148 - in favour of assessee. - ITA NO. 118 OF 2002 - - - Dated:- 4-10-2012 - Sunil Ambwani, And Aditya Nath Mittal, JJ. 1. This Income Tax Appeal under Section 260-A of the Income Tax Act, 1961 (for short, the Act) arises out of judgment and order dated 20.6.2002 passed by the Income Tax Appellate Tribunal, Agra Bench, Agra in ITA No. 8157/Del/1992 for the assessment year 1988-89. The appeal was a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... competent to contract. They could not perform any other services for consideration of these profits except through their guardian. The explanation given, that the minors had filed their income returns with details of capital account, interest and the profit and loss account and balance sheet, was not accepted. He also found that the assessments of minors had been completed under Section 143 (1) of the Act without scrutiny. Accordingly, the income offered for taxation of Rs.59,787/- in the hands of minors was added to the income of the assessee. 3. The AO also made additions of Rs. 50,000/- as unexplained deposit in saving bank account of Punjab National Bank, Agra, which was stated to be deposit out of loans taken by the assessee and dir ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e had thus disclosed all material facts in respect of investment/interest income of his minor children. Even otherwise, the department did not place any material to conclude that the interest income of the minors do not below to them. The income of the minors and interest arising out of the investment made from such business income was not assessable in the hands of the assessee and that there was no failure on the part of the assessee to disclose fully and truly all material facts. 7. The Tribunal thereafter found that the additional grounds namely the loans taken of Rs.1,05,000/- in the bank account of the assessee could not be considered for reopening the assessment for the assessment year 1988-89, as the AO in respect of the assessmen ..... X X X X Extracts X X X X X X X X Extracts X X X X
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