2023 (2) TMI 576

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....been filed by the assessee against order passed by the Commissioner of Income Tax(Appeals), National Faceless Appeal Centre (NFAC), Delhi (in short referred to as ld.CIT(A)) under section 250(6) of the Income Tax Act, 1961 ("the Act" for short), dated 29.9.2022pertaining to Asst.Year2011-12. 2. The Ld.Counsel for the assessee began by challenging the validity of the assessment framed in the pre....

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....ssing Officer. Therefore, the case was reopened by issuing notice u/s.148 of the I.T. Act, 1961". He thereafter drew our attention to the copy of aforestated bank account of the assessee for the impugned year placed before me in page no.1 of paper book filed and pointed out that the cash deposits in the bank account were only to the tune of Rs.11,500 plus Rs.6900/- plus Rs.15,000/- thus totaling t....

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....l for the assessee. 5. Having heard both the parties and on going through the order of the authorities below ,I agree with the ld.counsel for the assessee that the jurisdiction assumed in the present case for reopening of the case of the assessee, was not in accordance with law. Information noted by the AO of cash deposits of Rs.10.00 lakhs in the bank account of the assessee leading to belief ....

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....suspicion can lead to a belief only when further inquiry is conducted by the AO to determine the nature of cash deposits and based on the results of the inquiry, only a belief of escapementof income can be formed. Moreover, noting the fact that the actual cash deposits in the bank accounts of the assessee amounted to Rs.29,900/-, this amount of cash deposits, in no case, could have resulted in esc....