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TMI Blog2020 (1) TMI 1396X X X X Extracts X X X X X X X X Extracts X X X X ..... holding reassessment proceeding u/s. 147 without appreciating the facts that the reasons recorded were not furnished depriving the appellant from filing objections to notice u/s. 148 rendering the assessment as bad in law and void ab initio. 2. She has erred in law and on facts in upholding order passed u/s. 143(3) r.w.s. 147 in as much as that conditions of section 147 for reopening were not fulfilled. 3. She has erred in law and on facts in sustaining addition of Rs. 13,11,000/- u/s. 68 being cash deposit in S.B. account with ICICI Bank without properly appreciating the facts and evidence adduced by the appellant. 4. The addition of Rs. 13,11,000/- u/s.68 ought to have been held as bad in law and on facts as no books are maintained ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the dealer was not furnished. Subsequently, the assessee has furnished copy of ledger account and the postal address of the dealer, however, on making inquiry the assessing officer noticed that no such dealer was existed at the given address and notice was also returned un-served. Thereafter, the assessee was asked to furnish the source of cash deposit found in the saving bank account maintained with ICICI Bank. The assessee reported that she had deposited all her business cash into bank account. The assessing officer had provided copy of the bank statement to the assessee for giving proper reply of the entries of cash deposit reflected in the bank account statement. The assessee explained that she was not liable to maintain books of acc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hed by the assessee. On the other hand, ld. departmental representative has vehemently contended that assessee has failed to substantiate the genuineness of unaccounted cash deposited in her saving bank account and supported the decision of the ld. CIT(A). 6. We have heard both the sides and perused the material on record. Ground Nos. 1 & 2 are against the decision of ld. CIT(A) in upholding reassessment proceedings u/s. 147 of the act. On perusal of the material on record, it is noticed that assessee has not filed the return of income within the time limit prescribed u/s. 139(1) of the act till 31st March, 2014. There was a specific information with the assessing officer that assessee had deposited cash to the amount for Rs. 13,11,000/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es of the assessee and provided information summary pertaining to the PAN of the assessee which also contain the information that during F.Y. 2008-09 there was a cash deposit of more than 10 lacs in the saving bank of the assessee. No compliance was made by the assessee until issuing of notices and reminders as referred in this order. It was also brought to the notice of the assessee vide letter that 19-12-2013 that as per information summary pertaining to the TDS there was also transactions with the PAN of the assessee of interest other than the interest on securities. Even the assessee had failed to make compliances with notice u/s. 142(1) of the act issued by the assessing officer. It is clear from the above fact that the assessing offic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... paper book submitted by the assessee and it is noticed that at page no. 29 to 31 the assessee has placed the copy of income tax return filed by the assessee for the year under consideration on 8th December, 2014 with the income tax return W-7(2)(1) and in the return of income the assessee herself has declared and owned up the impugned saving bank account no. 093001502470 maintained with the ICICI Bank in which the impugned cash was deposited. In view of the above facts and circumstances, it is clear that assessee has herself claimed and owned up the above referred saving bank account in income tax return filed by her. It is demonstrated from the above cited material fact that assessee had disclaimed this bank account without any basis and ..... X X X X Extracts X X X X X X X X Extracts X X X X
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