TMI Blog2016 (2) TMI 1159X X X X Extracts X X X X X X X X Extracts X X X X ..... id reasons. The assessment order under section 143(3) of the Act is dated 25.03.2013. The assessee had filed the return of income on 05.10.2005 and it had been stated in response to the notice u/s 148 of the Act that this return be treated as having been filed in response to this notice. The factum per se, of deposits in the bank account of the assessee could not be made the basis for holding the view that income had escaped assessment, over-looking that the sources of the deposits need not necessarily be the income of the assessee; and that as such, the reasons recorded were not sufficient to believe escapement of income; that rather, they were reasons to suspect escapement of income, which was not enough for issuance of a notice u/s 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s but during the course of appellate proceedings. 5. That on the facts and in the circumstances of the case and in law, the learned CIT(A) erred in giving a finding that any irregularity on the part of the AO is cured by the provisions of section 292BB of the Act which is applicable only from the assessment year 2008-09 not from assessment year 2005-06. Accordingly, the reassessment is liable to be quashed. 6. That on the facts and in the circumstances of the case and in law, the learned CIT(A) erred in giving the reasonable opportunity to produce the purchaser of shop during the course of appellate proceedings which was not done by the AO due to shortage of time during the course of reassessment proceedings. Accordingly, the re-asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 05 relevant to the assessment year 2005-06, the above mentioned person has deposited ₹ 11,60,000/- in cash in SB account. However, the aforesaid person has not given Permanent Account Number (PAN) to the AIR filer and even the information has been received as AIR data without PAN from the concerned AIR filer. It is thus established that the above mentioned person is not assessed to tax. Since, the amount of investment exceeds the maximum amount which is not chargeable to tax, I have reasons to believe that the income to the tune of ₹ 11,60,000/- has escaped assessment by reason of the failure on the part of the assessee to make a return u/s 139 or in response to a notice issued under sub-section (1) of section 142 of the Inc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... able before the AO was the AIR information of the assessee having deposited an amount of ₹ 11.60 lakhs in his savings bank account. Remarkably, the reasons recorded did not even mention the bank in which such savings bank account was maintained. The assessee, as available from the first page of the assessment order, was issued a notice u/s 148 of the Act, in pursuance to the aforesaid reasons. The assessment order under section 143(3) of the Act is dated 25.03.2013. The assessee had filed the return of income on 05.10.2005 and it had been stated in response to the notice u/s 148 of the Act that this return be treated as having been filed in response to this notice. In Bir Bahadur Singh Sijwali (supra), like in the present case, the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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