9911796707
TMI Blog2017 (12) TMI 1612X X X X Extracts X X X X X X X X Extracts X X X X ..... e assess on 16.03.2012 after recording the following reasons. "As per AIR information for F. Y. 2006-07 received in this office, the assessee has made cash deposits of Rs. 1900000/- in his bank account with PUNJAB NATIONAL BANK, CIRCULAR ROAD, REWARI. A query notice was issued to the assessee on 24.01.2012, but no response has been received from the assessee. I, therefore, have reason to believe that the assessee has deposited cash in his bank account out of his income from unexplained source. Accordingly, income to the extent of Rs. 1900000/- and any other income which subsequently comes to the notice of the undersigned has escaped assessment within the meaning of section 147 of the I.T. Act, 1961. Issue notice u/s 148 of the I. T. Act, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pposed to have interest in the life of his mother and all the purchase of land are jointly with his mother, father and brother. The assessee further submitted that as per section 54 B of the Act,there is no binding that the assessee should purchase the agriculture land in his own name. The assessee has furnished the photocopy of the sale deed for purchase of agriculture land. Perusal of the photocopy reveals that the assessee has invested only Rs. 1,00,000/- i.e half share of the assessee for purchase of land for Rs. 2,00,000/- on 26.05.2006 from Sh. Sher Singh and Ram Avtar Sons of Lai Chand S/o Rati Ram Vill. Ruthal Ghari, Teh. Narnaul. The submission of the assessee is not acceptable as the land purchased in the name of mother is not an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h order of Ld. CIT(A), the assessee is in appeal before the Tribunal. 7. Ld. Counsel for the assessee at the outset, drew the attention of the bench to the reasons recorded by the AO for issue of notice u/s 148 and submitted that the reopeneing was made on account of cash deposit of Rs. 19 lakh in the bank account. However, in the order passed by the AO, he has made addition on account of capital gain and interest earned. Thus, nothing has been mentioned in the assessment order for which the assessment was reopened and some other addition has been made. Therefore, in view of the decision of Hon'ble Delhi High Court, in the case of Ranbaxy Laboratories Ltd., vs CIT, reported in 336 ITR 136, such addition is not permissible and the assessmen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... een sustained by Ld. CIT(A). He accordingly, submitted that the order of Ld. CIT(A) be upheld and the grounds raised by the assessee should be dismissed. 9. I have considered the rival arguments made by both the sides, perused the orders of the AO and Ld. CIT(A) and the paperbook filed on behalf of the assessee. I have also considered the various decisions cited before me. A perusal of the reasons recorded by the AO as reproduced by him in the assessment order shows that the reopening was made on account of cash deposit of Rs. 19 lakh in the bank account of the assessee. However, the AO in the assessment order has made addition of Rs. 36,26,500/- on account of capital gain and interest income. Thus, there is no addition on account of which ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... formation was restricted to cash deposits in bank account but there was no material much less tangible, credible, cogent and relevant material to form a reason to believe that cash deposits represented income of the assessee; that even the communication dated 24.1.2012 could not be made a basis to assume jurisdiction in view of the fact that such an enquiry letter is an illegal enquiry letter and thus cannot be relied upon; that the proceedings initiated are based on surmises, conjectures and suspicion and therefore, the same are without jurisdiction; that the reasons recorded are highly vague, far-fetched and cannot by any stretch of imagination lead to conclusion of escapement of income and these are merely presumption in nature; that it ..... X X X X Extracts X X X X X X X X Extracts X X X X
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