9911796707
TMI Blog2025 (5) TMI 190X X X X Extracts X X X X X X X X Extracts X X X X ..... secured loan without considering the evidence available in the assessment records of the assessee. 3. That the Ld. CIT(Appeals) erred in confirming the addition of Rs. 11,89,000/- towards cash deposited in bank account without considering the evidence available in the assessment records of the assessee. 4. That on the fact and in the circumstances of the case and in law, the Ld. CIT(Appeals) erred in confirming that the reassessment was validly carried out by the Ld. Income Tax Officer, Ward 40(5) despite the followings: i) Four years had elapsed from the end of relevant assessment year and having disclosed fully and truly all material facts necessary for assessment, no reassessment proceedings is permissible under the law; ii) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d submissions made by the assessee the Assessing Officer has proceeded to make the addition of Rs. 97,740/- with the finding that assessee failed to explain the source of deposits. With the above facts on record he submitted that he processed the ground no.4 which is raised by the assessee on jurisdictional issue and submitted that the present assessment was reopened beyond four years and the Assessing Officer has not brought on record any failure on the part of the assessee to disclose fully and truly all material facts. 3. Considering the fact that the assessment was reopened beyond four years and also assessment was completed u/s 143(3) of the Act since the proviso to section 147 is applicable failure on the part of the Assessing Office ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... same the Assessing Officer has completed the original assessment order. It shows that Assessing Officer has verified all the transactions relating to cash deposits. The Assessing Officer has reopened the assessment by recording the reasons brought on record by the audit party and it is clearly a borrowed satisfaction and his change of opinion without bringing on record proper reasons and it is also fact on record that the present assessment was reopened beyond four years and the provision of 147(1) of the Act is squarely applicable and the Assessing Officer has failed to bring on record the gross failure on the part of the assessee to disclose fully and truly all the material facts in the ROI. Respectfully following the decision of the Hon' ..... X X X X Extracts X X X X X X X X Extracts X X X X
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