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TMI Blog2013 (4) TMI 658X X X X Extracts X X X X X X X X Extracts X X X X ..... cific finding. In ground no. 2 &3 revenue has also challenged reopening of assessment but these grounds have been taken under some misconception, because ld. first appellate authority has upheld the reopening of assessment and therefore, there cannot be any occasion for the revenue to challenge that finding. Thus in the appeal of the revenue these grounds were not pressed by the ld. DR. 3. In ground no. 4 revenue is challenging deletion of addition of Rs.20.20 lacs and in ground no. 5 it is challenging deletion of interest u/s 234B of the Income Tax Act. 4. First we take the appeal of assessee, the brief facts are that assessee is an individual he has filed his return of income declaring an income of Rs.2,96,246/-, this return appears to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... through the reasons recorded by the assessing officer available at page 41 of the paper book. He submitted that heading of this reasons, it would reveal that these are just information without any analytical application of mind, whether any income has escaped assessment or not. The reasons do not spell the mind of assessing officer indicating how he formed belief that income was escaped assessment. Thus according to the ld. counsel for the assessee the reopening is not based on any reasons rather merely on certain informations which have not been conclusively gone through by the assessing officer. 7. On the other hand ld. DR relied upon the order of ld.CIT (A). 8. We have duly considered the rival contention and gone through the record c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in deleting the addition of Rs.20.20 lacs. As stated earlier the assessment of the assessee was reopened on the ground that it has deposited a sum of Rs.27,24,750/- in cash in two bank accounts. During the course of assessment proceedings, it was contended by the assessee that as far as the amounts deposited in Canara Bank is concerned they are out of cash receipts in the regular course of business, the assessee has produced cash book and assessing officer was satisfied with the explanation of the assessee about the source of deposits in the Canara Bank. He did not make any addition. With regard to the cash deposit of Rs.23,20,000/-, it was contended by the assessee that he had entered into an agreement to sell the Hotel Karan Palace and he ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lacs. He has filed the suit for recovery of Rs.25lac on the ground that hotel constructed by the assessee is on an unauthorized land and threat of demolition from the MCD was in existence. The Civil Suit was filed in 2004, the assessment has been reopened in 2010, thus it suggest that the sale agreement, proceedings before the Hon'ble High Court, were prior to reopening of the assessment. The payer i.e. vendee has been admitting payment of Rs.25 lacs to the assessee for which he has filed suit for recovery. Thus a sum of Rs.25 lac was available with the assessee. Section 68 of the income tax contemplates that where any sum found credited in the books of an assessee maintained for any previous year, and the assessee offers no explanation ab ..... X X X X Extracts X X X X X X X X Extracts X X X X
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