TMI Blog2023 (11) TMI 38X X X X Extracts X X X X X X X X Extracts X X X X ..... posited in the bank account and it was pertaining to daily cash as well as of petrol, diesel deposited every day in the bank. A statement of reconciliation containing details of cash deposits and cash for the period from 09.11.2016 to 31.12.2016 was placed on record. The audited accounts are also produced along with the petition indicating that there was fresh and plausible explanation tendered by the petitioner in context of these cash deposit. Assessment order passed after due inquiry on 17.12.2019 also indicates that there was full and complete disclosure of income at the hands of the assessee. Apparently reasons supplied by the respondent in its communication and the order disposing the objections are without jurisdiction for the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... books of accounts and other records as required under different laws and rules and regulations framed by petroleum company. 3.2 It is the case of the petitioner that the return of income filed by him for the Assessment Year 2017-18 on 31.10.2017 was selected for scrutiny under CASS. It is further the case of the petitioner that he was issued summons u/s.131(1A) r/w. Section 131(1) on 23.03.2017, on account of huge cash deposited by him in bank accounts during the demonetization period. 3.3 The petitioner, on 29.03.2017 handed over his reply dated 27.03.2017 giving complete and detailed explanation with regard to the cash deposits made in all the bank accounts along with daily cash sales details, copy of cash book and stock registers ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... He would submit that the Assessment Order under Sec. 143(3) of the Act was passed on 17.12.2019 after verifying the details and explanations given of the cash deposits made in different banks. 5.1 Mr. S.N. Divatia, learned counsel, would submit that during the course of assessment proceedings, the petitioner had fully explained the sources of the cash deposit in different banks aggregating to Rs. 4,17,80,310/- including cash deposit of Rs. 1,06,68,500/- in Ahmedabad Mercantile Co-operative Bank with cogent evidence and explanation. He would, further submit that a similar inquiry had been conducted by the Deputy Director of Income Tax (Investigation) on 23.03.2017. In response to the summons issued to the petitioner under sec. 131(1A) of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... relevant material on which a reasonable person can form the requisite belief that the taxable income has escaped assessment. He would, therefore, submit that the notice under Sec. 148 and the order disposing the objections is just and proper. 7. Having considered the submissions made by the learned counsels appearing for the respective parties, reading the notice and the reasons for reopening of the assessment would indicate that in the perception of the revenue, the assessee had made cash deposits amounting to Rs. 1,06,68,500/- and that the transaction was not disclosed for the year under consideration. The record indicates otherwise. 7.1 What is evident from the annexures produced together with the petition is that pursuant to summo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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