2016 (10) TMI 777

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....of Gutakha. For the said assessment year 2009-10, the petitioner had filed the return of income, declaring total income of Rs. 2.47 lakhs (rounded off). Such return was taken in scrutiny by the Assessing Officer. He passed the order of assessment under section 143(3) of the Income Tax Act, 1961 ('the Act' for short) on 22.12.2011 accepting the returned income. To reopen such assessment, the Assessing Officer issued the impugned notice. In order to do so, he had recorded following reasons: "On verification of information generated through the system in AIR, it is noticed that the assessee has deposited cash of Rs. 1,97,59,000/- in Saving Bank Account in F.Y. 200809. Further, it is noticed that assessee has filed return of income for....

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....unsel Shri Parikh for the department submitted that the Assessing Officer has material to enable him to form a belief that income chargeable to tax has escaped assessment. There was no disclosure about the cash deposits during the original assessment. Petition may therefore be dismissed. 5. As noted, impugned notice has been beyond the period of four years from the end of relevant assessment year. During the original scrutiny assessment, the Assessing Officer under a letter dated 10.06.2011, had called for the following details: "PARTICULARS OF ACCOUNTS AND/OR DOCUMENTS REQUIRED 1. Detailed sale & purchase a/cs 2. Copy of the all bank pass book 3. Detail of unsecured loan 4. Copy of audit report" 6. In response to such queries, ....