2022 (9) TMI 86

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....d, both appeals were taken up together for hearing and are being disposed off by way of consolidated order for the sake of brevity. ITA No.7382/Del/2018 [Assessment Year : 2010-11] 2. First we take up the assessee's appeal in ITA No. 7382/Del/2018 pertaining to Assessment Year 2010-11. The assessee has raised following grounds of appeal:- 1. "That the order passed by the Ld. CIT (A) u/s 250(6) was incorrect, bad in law and have been passed without considering the submissions of the appellant. 2. That Ld. CIT (A) erred in upholding the assessment orders which have been wrongly and illegally framed u/s 144 r.w.s 147 of the Income Tax Act 1961. That the assessee has duly filed return of income for the year under conside....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... Rs.1,34,00,899/- as the income of the assessee. 4. Aggrieved against this, the assessee preferred appeal before Ld.CIT(A), who after considering the submissions, dismissed the appeal of the assessee. 5. Aggrieved against the order of Ld.CIT(A), the assessee is in appeal before this Tribunal. 6. At the outset, Ld. Counsel for the assessee submitted that the re-opening of the assessment is ex-facie, illegal and unjustified. He contended that the AO has wrongly stated that the assessee has not filed return of income. He drew my attention to the Paper Book to buttress the contention that the return was duly filed by the assessee therefore, there was complete non-application of mind by the authorities below and further the notice u/s 1....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....llant has not filed return of income. In appeal the Ld. AR submitted the copy of the return of income for A.Y. 2010- 11 declaring the income of Rs.1,58,210/-. The return is filed under PAN: BFUPS2317J on 24.03.2011. However, the assessment is completed in the PAN: AWJPS1941H. However the address and name of the appellant in the assessment order as well as return of income is same. When these facts were asked from the Ld. AR, he stated that both the PAN are of the appellant and new PAN is allotted due to modification applied by the appellant himself. It is further submitted that the earlier PAN which is appearing in the assessment order has been surrendered by way of letter to the AO. 5.1. I have examined the finding of the AO and s....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....t and the turnover shown by the appellant in the return of income has no relation with the credit entries in the ICICI Bank account. This fact of having two PAN was not brought to knowledge of the AO. Therefore the finding of the AO in assessment order is correct. The Ld. AR's argument regarding initiation of the proceeding u/s 147 on the basis that no independent reason recorded by the AO, does not carry much weight in view of the various decisions by the Hon'ble Court. The AO was in possession of definite information of cash deposit in the bank account of appellant at the time of recording reason for reopening of the case u/s 147 and on this basis the case of the appellant is considered for reopening u/s 147 of the Act. Therefore this gro....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Assessing Authority was regarding cash deposited by the assessee amounting to Rs.47,75,745/-. Therefore, the re-opening of the assessment by the Assessing Authority and treating the entire cash deposits as the income of the assessee, is contrary to the records of the authority itself. Hence, I hereby quash the impugned assessment being illegal and unjustified and delete the addition. Thus, grounds raised by the assessee are allowed. 10. In the result, the appeal of the assessee is allowed. ITA No.7163/Del/2019 [Assessment Year : 2010-11] 11. Now, I take up the assessee's appeal in ITA No. 7163/Del/2019 pertaining to Assessment Year 2010-11 is filed against the penalty proceedings. The assessee has raised following grounds of appeal....