TaxTMI 
TaxTMI 
2018 (3) TMI 75
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....essment Year 2011- 2. Facts in brief:- The assessee is an individual and is a distributor of cigarettes and candies. She filed her return of income on 20/03/2012, for the assessment year 2011-12, declaring total income of Rs. 4,44,610/-. The Assessing Officer re-opened the assessment under section 147 of the Act, and issued notice under section 148 of the Act, dated 10/05/2013. The assessment was completed on 30/03/2015, by rejecting the books of accounts and thereafter making various additions and determining the total income at Rs. 53,85,910/-. The assessee carried the matter in appeal. The ld. CIT(A), deleted some of the additions made by the Assessing Officer and also deleted certain additions. He modified the estimate of the ld. ....
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....O and argued that addition was made in the assessment order on the issue on which income which is alleged to have escaped assessment in the reasons recorded. He drew the attention of the Bench to para 6.1. of the Assessment Order and submitted that an amount of Rs. 48,87,702/- is added to the total income of the assessee. He pointed out that there were discrepancies in the books of accounts of the assessee and as the same was rejected, this addition was subsumed in the total addition. He read the reasons and submitted that the wording "implying that the entire receipts from Godfrey Philips (I) Ltd. may have suppressed" points out that the Assessing Officer believed that income subject to tax has escaped assessment and that not saying so in ....
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....ntiate the said statement. Besides as per 26AS details of the assessee since extracted online from AST, it is found that during the concerned period, i.e. F.Y. 2010-11, the assessee had received a total amount of Rs. 17,36,460/- from one Godfrey Philips (I) Ltd. on which an amount of Rs. 17,363/- was deducted as taxed u/s 194C. However, in the E-filed return for the A.Y. 2011-12 uploaded by the assessee on 28.03.2012 and since downloaded online from AST and placed on records, it is found that the claim for any TDS has been made, thus implying that the entire receipt from Godfrey Philips (I) Ltd. may have suppressed." 6. A perusal of these reasons demonstrate that the assessing officer did form a reasonable belief that income of ....
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.... for the assessee, pointed out that at para 6(i), page 12 of the Assessment Order that, there is an assumption, that unexplained receipt of Rs. 48,82,702/-, is presumed to have been withdrawn from the business. Such presumption cannot be countenanced. Such an inference cannot be upheld. Even debit entries found in the current account of Sarathi Majumdar with the Bank of Rs. 9,77,240/- are held as undisclosed profits which were withdrawn. Such conclusion of the Assessing Officer is without any basis and hence bad in law. 6.2.1 We agree with this submission. When the deposits in a Savings Bank Account, are the subject matter of enquiry, we do not understand how there can be a presumption of withdrawal of a huge amount of Rs. 48,82,702/-, i....