9911796707
TMI Blog2019 (10) TMI 599X X X X Extracts X X X X X X X X Extracts X X X X ..... .The assessment order passed by the learned AO and proceeding u/s 148 sustained by the appellate authority is bad in law, illegal and unjustified. 2. That on facts & in the circumstances of the case the learned AO has also erred in sustaining addition of Rs. 10649030/- made by the learned AO u/s 69A of the Act without properly considering the reply furnished by the appellant and evidences produced during the course of assessment and appellate proceedings. 3. That on facts & in the circumstances of the case the learned AO has also erred in making addition of Rs. 10649030/- being total of deposit/ credit entitles in assessee's bank accounts with Bank of Baroda Jaipur and Punjab National Bank Sikar as unexplained income, 4. That o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dispose off of this appeal ex-parte. 3. Ground no. 1 is regarding the validity of initiation of proceeding U/s 147/148 of the Act. The ld. DR has pointed out that the assessee did not file any return of income for the year under consideration and the Assessing officer received an AIR information regarding deposit of cash of Rs. 38,29,000/- in the Bank of Baroda, Jaipur. Accordingly, the AO reopened the assessment by issuing notice U/s 148 of the Act. The ld. DR thus submitted that once the assessee has not filed the return of income and there was definite information about the cash deposit in the bank account of the assessee then the initiation of proceeding U/s 147/148 of the Act was justified. He has relied upon the orders of the autho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs. 1,06,49,030/-. 6. We have heard the ld. DR and carefully perused the impugned orders of the authorities below. During the course of reassessment proceedings, the AO noted that there was a cash deposit of Rs. 91,22,995/- in the bank account of the assessee maintained with bank of Baroda and further a net deposit of Rs. 15,26,035/- was also found in the bank account maintained with PNB, Sikar. Thus, a total amount of Rs. 1,06,49,030/- were found deposited in two bank accounts of the assessee maintained with two different branches. During the proceedings before the authorities below the assessee explained that the accounts were operated by one Shir Amit Goyal. However, the AO did not accept this explanation of the assessee on the ground ..... X X X X Extracts X X X X X X X X Extracts X X X X
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