TMI Blog2015 (12) TMI 1817X X X X Extracts X X X X X X X X Extracts X X X X ..... ded in favour of assessee - ITA No. 495/CHD/2014 Assessment Year: 1999-2000 - - - Dated:- 10-12-2015 - Shri Bhavnesh Saini, Judicial Member And Ms. Annapurna Mehrotra, Accountant Member Department by: Shri S.K.Mittal Respondent by: Shri Parikshit Aggarwal ORDER Bhavnesh Saini, This appeal by revenue is directed against the order of ld. CIT(Appeals) Chandigarh dated 24.02.2014 for assessment year 1999-2000 challenging the cancellation of re-assessment order under section 148 of the Income Tax Act. 2. Briefly, the facts of the case are that in this case, original order was passed by ld. CIT(Appeals) vide order dated 30.07.2010. The assessee filed appeal before ITAT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eturn of income of assessment year 2000-01 was processed by ITO, Ward 5(4), Chandigarh on 26.03.2003. Subsequently, ITO Ward 5(4) issued a notice under section 148 after recording following reasons : Sh. Manpreet Singh son of Sh. Hardeep Singh Bhamra has made various investments in Bank during the financial year 1 999-2000 and has not filed any income tax return and source of in these banks deposits remained unexplained. The above said cash deposits in the above said bank is from undisclosed sources. I, therefore, have reasons to believe that investment of above income of the assessee for the assessment year 2000-2001 under section 147 of the Income Tax Act, 1961 has escaped assessment as income of the assessee for th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... upon by ld. CIT(Appeals) and submitted that on identical facts in which the Assessing Officer merely observing that no return of income has been filed, re-assessment was done which was quashed by the Tribunal because reasons were without any basis as return of income was filed by assessee. The ld. counsel for the assessee also referred to PB-29 which is reasons recorded for subsequent assessment year 2000-01 which are identical as have been recorded in assessment year under appeal and the ld. CIT(Appeals) vide order dated 24.02.2014 for assessment year 2000-01 by following the same judgement of the ITAT Chandigarh Bench in the case of Shri Rajneesh Bansal (supra) quashed the re-assessment proceedings. He has submitted that department did ..... X X X X Extracts X X X X X X X X Extracts X X X X
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