TMI Blog2022 (6) TMI 892X X X X Extracts X X X X X X X X Extracts X X X X ..... first time to verify cash deposits found in bank account. The assessee had offered an explanation and explained source for cash deposits into bank a/c, as per which, the assessee had received cash consideration for sale of property and said consideration received is source for cash deposits into bank a/c. The assessee had also filed copy of agreement between the parties dated 16.09.2011. AO after considering necessary details has completed re-assessment proceedings and accepted returned income. The assessment had been once again re-opened u/s.147 On perusal of reasons recorded by the AO, we find that the basis for reasonable belief of escapement of income formed by the AO, is copy of sale agreement furnished by the assessee at the tim ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... R: This appeal filed by the assessee is directed against the order of the Commissioner of Income Tax (Appeals), Puducherry, dated 25.02.2019 and pertains to assessment year 2012-13. 2. The assessee has raised the following grounds of appeal: 1. The order of the Commissioner of Income Tax (Appeals), Puducherry dated 25.02.2019 in I.T.A.No.96/CIT(A)-PDY/2017-18 for the above mentioned Assessment Year is contrary to law, facts, and in the circumstances of the case. 2. The CIT (Appeals) erred in confirming the re-assessment u/s.143(3) read with section 147 of the Act without assigning proper reasons and justification and ought to have appreciated that the order of re-assessment under consideration was passed out of time, inva ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re-opened u/s.147 of the Act, by issuance of notice u/s.148 of the Act, dated 27.03.2017, for the reasons recorded, as per which, income chargeable to tax had been escaped assessment on account of under assessment of income towards amount received by the assessee from sale of property under the head income from other sources . The assessment has been completed u/s.143(3) r.w.s.147 of the Act, dated 28.12.2017 and determined total income at Rs.74,34,540/- by making addition of Rs.54,25,330/- towards excess amount deposited into bank account under the head income from other sources . 4. Being aggrieved by the assessment order, the assessee preferred an appeal before the Ld.CIT(A). Before the Ld.CIT(A), the assessee challenged re-openi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... AO has formed a reasonable belief of escapement of income on the basis of fresh tangible material, which came to his possession subsequent to completion of first re-assessment which suggest escapement of income. Therefore, the AO has validly re-opened the assessment and thus, the arguments of the assessee needs to be rejected. 8. We have heard both the parties, perused the materials available on record and gone through orders of the authorities below. The facts borne out from the record clearly indicate that the present assessment proceedings have been re-opened second time. The assessee has furnished copies of reasons recorded for first re-opening of assessment and second re-opening of assessment. We have perused reasons recorded by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt in the present case is on the basis of change of opinion, but not on the basis of fresh tangible material come to the possession of the AO subsequent to completion of first re-assessment proceedings. It is a well settled principle of law by the decision of the Hon ble Supreme Court in the case of CIT v. Kelvinator of India Ltd., [2010] 320 ITR 561 (SC), wherein, the Hon ble Supreme Court clearly held that the AO has power to re-open the assessment provided, there is tangible material came to the possession of the AO subsequent to completion of original assessment. In this case, from the reasons recorded by the AO what we could notice is that there is no fresh tangible material come to the knowledge of the AO subsequent to completion of f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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