2019 (2) TMI 1708

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e. whether the reasons recorded for reopening of assessment by the Assessing Officer forms 'reason to believe' that income has escaped assessment as mandated within the provisions of section 147/148 of the Income Tax Act, 1961 (hereinafter referred to as 'the Act'). 3. We have therefore, perused the copy of the reasons recorded placed in paper book before us which is extracted as under:- Name and address of the assessee Shri Karande Swapnil Kisan N-9, K-56-5, Pawan Nagar, CIDCO, Aurangabad A.Y. 2008-09 PAN ARXPK6056E REASONS FOR ESCAPEMENT OF INCOME U/S.147 OF THE ACT. "As per the AIR/CIB information received, the above assessee has deposited the Cash amount of Rs. 16,04,400/- in his saving bank account duri....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....s was not communicated to the Department by the assessee. Furthermore, coming back to the reasons recorded, the assessee was required to furnish details of sources of the financial transaction along with copies of documents in support of his claim. This was also not done by the assessee. Further, in the reasons recorded, it is stated on verification of AST data, that the assessee has not furnished his return of income for the assessment year 2008-09. The assessee has not offered the amount of Rs. 16.04 Lakh for taxation. In view of above, the Assessing Officer has reason to believe the amount of Rs. 16,04,400/- escaped the assessment within the meaning of section 147 of the Act. Therefore, there are number of reasons in this case because of....