2009 (3) TMI 626

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....hed that it is undisclosed income deposited in the bank account." 2. Briefly the facts are that notice under section 142(1) of the Act was served on the assessee on 19th Dec., 2007. The assessee was required to explain the deposit made in cash in his account No. 12164 with Oriental Bank of Commerce, Brivana. The explanation of the assessee that the deposits have come from sale of agricultural income (sic-produce), was not accepted as evidence, to support such claim was not produced before the assessing authority in particular when the agricultural land held by the appellant along with his brothers was a Berani in drought hit area. Accordingly the AO treated the investment of Rs. 14 lacs in his bank account as undisclosed and added the same....

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....les, 1962 for production of additional evidence before him. The learned CIT(A) made inquiries from the assessing authority on the additional evidence and it is only after receipt of remand report, he considered the evidence for taking a decision to delete the addition made by the assessing authority, more so when the assessing authority had acted unreasonably by giving a very short time to the assessee to explain the case as is evident from the notice requiring the information from the assessee, issued on 19th Dec., 2007 but the assessment came to be completed within a period of five days only i.e., on 24th Dec., 2007 itself. The learned CIT(A), therefore, cannot be said to have acted unreasonably in resting his decision on the evidence tha....