2019 (4) TMI 2013

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.... re- opening of assessment under section 147 of the Income-tax Act, 1961 (for short "the Act"). However, at the time of hearing, the learned Authorised Representative submitted that on instructions of the assessee he does not want to press this ground. Accordingly, ground no.1 is dismissed as not pressed. 3. In ground no.2, the assessee has challenged the addition of Rs. 10,16,300 under section 68 of the Act. 4. Brief facts are, the assessee is an individual. As observed by the Assessing Officer, assessee did not file its return of income. Subsequently, on the basis of information received indicating that the assessee had deposited cash of more than Rs. 10 lakh in his bank account, the Assessing Officer re-opened the assessment under ....

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....oney from the current account and deposit in the savings bank account. Thus, he submitted, the cash deposits made in the savings bank account are out of cash withdrawals made from the current account. In this context, he relied upon the copy of bank book and cash flow statement submitted in the paper book. 7. The learned Departmental Representative relying upon the observations of the learned Commissioner (Appeals) submitted that the assessee has failed to properly explain the source of cash deposits in the bank account. Thus, he submitted, the addition made is justified. 8. I have considered rival submissions and perused material on record. Undisputedly, in the relevant previous year the assessee has made cash deposits into his savin....