TaxTMI 
TaxTMI 
2022 (8) TMI 356
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....ion of Rs. 16,51,000/- made therein. 2. BECAUSE the reassessment proceedings were neither initiated nor concluded in accordance with provisions of law relating thereto, consequently the Id. CIT(A) should have quashed the reassessment order dated 02.07.2020 passed by the Income Tax Officer, Ambedkar Nagar. 3. BECAUSE reason to believe were recorded only with a view to verify the nature and source of cash deposits amounting to Rs. 19,01,000/- found in the savings bank account of the assessee which narration does not amount to requisite satisfaction for formation of belief of escapement of income within the meaning of section 147 and due to such a fundamental deficiency in recording of reason the assessment proceedings got wholly vitiated ....
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....e assessee is an individual and did not file any return of income under section 139 of the Act. The Assessing Officer issued notice under section 148 on 26.9.2014 on the basis of the AIR information regarding cash deposit of Rs. 19,01,000/- in the saving bank account of the assessee with Punjab National Bank. Prior to issuing the notice u/s 148, the A.O. conducted an enquiry by issuing letter dated 3.9.2014 requiring the assessee to furnish PAN, filing of I.T. return etc., but there was no response on behalf of the assessee. The Assessing Officer collected the bank statement bank by issuing notice under section 136(6). Since, there was no response from the assessee, the Assessing Officer issued a show cause notice dated 3.11.2015 under sect....
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.... Will without conducting an enquiry and held the same as bogus or not genuine. He has referred to the affidavit of the attesting witness of the Will and submitted that when the witness in his affidavit stated to have certified the Will, then in the absence of any contrary facts or material, the same should be accepted. In support of his contention, he has relied upon the Judgment of Hon'ble Supreme Court in the case of Raj Kumari vs Surinder Pal Sharma, dated 17.12.2019 in Civil Appeal No. 9683/2019. The learned AR has pointed out that the Hon'ble Supreme Court has discussed the law relating to the execution and proof of Will under Indian Succession Act and Evidence Act. Section 63 of the Indian Succession Act is relevant in this co....
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....ector has explained the source of cash as sale consideration of land then the Will cannot be accepted as genuine document. In support of his contention, he has relied upon the following decisions:- i. Banarsi Prasad vs. Commissioner of Income-tax 304 ITR 239 (Alld) ii. Sumati Dayal vs. Commissioner of Income-tax 214 ITR 801 (SC) iii. Commissioner of Income-tax vs. Durga Prasad More 82 ITR 540 (SC) 6. Placing reliance on the above said judgments, the learned DR has submitted that the genuineness of the transaction is to be considered on the basis of surrounding circumstances, human probabilities and conduct of the connected parties. A transaction does not become genuine because a paper trail has been created. He has further contended ....
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....IT(A) called for a remand report from the Assessing Officer, who doubted the Will as well as the time of the death of the father. The CIT(A) confirmed the order of the Assessing Officer in para 4 as under:- "4. I have considered the submission of the appellant regarding the sources of cash deposits of Rs. 16,51,000/-. Remand Report submitted by the Assessing Officer and the rejoinder subsequently submitted by the appellant. The appellant's case is that the source of above cash deposits is the WILL of his father who left cash of Rs. 18,00,000/- in a box which was subsequently opened after his death. The appellant has further submitted that as per the above WILL he gave Rs. 1,50,000/- to his sister and deposited the balance amount, i.e. Rs.....