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KANAIYALAL BADSHAMAL DODANI Versus INCOME TAX OFFICER OR HIS SUCCESSORS TO OFFICE AND 1

2016 (10) TMI 777 - GUJARAT HIGH COURT

Reopening of assessment - cash deposit in the bank account is much more than the amount of sales shown the return - income escaping assessment - AIR information - Held that:- The fact that the petitioner had made sizable cash deposits in the bank accounts was known to the Assessing Officer. There was no failure on the part of the assessee to disclose these material facts called upon by the Assessing Officer. In fact, the Assessing Officer appears to have been convinced that the assessee who was .....

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TION NO. 9412 of 2016 - Dated:- 18-10-2016 - MR. AKIL KURESHI AND MR. A.J. SHASTRI, JJ. FOR THE PETITIONER : MR RK PATEL, ADVOCATE with MR DARSHAN R. PATEL FOR THE RESPONDENT : MR KM PARIKH, ADVOCATE ORAL JUDGMENT (PER : HONOURABLE MR.JUSTICE AKIL KURESHI) 1. The petitioner has challenged a notice dated 30.03.2016 issued by the respondent Assessing Officer for reopening the assessment of the petitioner for the assessment year 2009-10. Brief facts are as under. 2. Petitioner is an individual and .....

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recorded following reasons: On verification of information generated through the system in AIR, it is noticed that the assessee has deposited cash of ₹ 1,97,59,000/- in Saving Bank Account in F.Y. 200809. Further, it is noticed that assessee has filed return of income for the F.Y. 200809 relevant to A.Y. 200910 but on going through the P & L A/c., it is noticed that assessee has shown sales/turnover of ₹ 1,37,78,424/- . Thus, there was an escapement of income for the financial ye .....

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ord and contended that the sole issue pressed in service by the Assessing Officer is of cash deposit of ₹ 1.97 crores (rounded off) in the bank account of the assessee during the financial year 2008-09 relevant to assessment year 2009-10. Such issue was however examined by the Assessing Officer during the original assessment proceedings by calling for details of bank statements. Only thereupon, the order of assessment was passed, making no additions in the returned income. There is no mate .....

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deposits during the original assessment. Petition may therefore be dismissed. 5. As noted, impugned notice has been beyond the period of four years from the end of relevant assessment year. During the original scrutiny assessment, the Assessing Officer under a letter dated 10.06.2011, had called for the following details: PARTICULARS OF ACCOUNTS AND/OR DOCUMENTS REQUIRED 1. Detailed sale & purchase a/cs 2. Copy of the all bank pass book 3. Detail of unsecured loan 4. Copy of audit report 6. .....

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urnished and details called for. The assessee is doing the trading of Gutakha and other provisional items. His business is of cash and current bank accounts and paid cheques to the creditors of the goods. On verification of the AIR entries, it is noticed that the total transactions made were shown double time i.e. all the entries of deposit and withdrawal sides were taken in AIR information. The bank statements are verified. The case is discussed. After discussion, the return income as accepted. .....

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