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TMI Blog2022 (7) TMI 728X X X X Extracts X X X X X X X X Extracts X X X X ..... sessment proceedings for the impugned year was convinced that the cash deposits in another bank account of the assessee related to the assessee money lending business. Therefore there is no reason to uphold the original assessment order of the same AO holding them to be unexplained when subsequently he was convinced that the assessee being in money lending business the cash deposits related to the same. We see no reason to interfere in the order of the Ld. CIT(A) deleting the addition made of cash deposits. - Decided against revenue. - ITA No. 374/Rjt/2017 - - - Dated:- 29-6-2022 - Ms. Annapurna Gupta, Accountant Member And Shri TR Senthil Kumar, Judicial Member For the Appellant : Shri Sushil Madhuk, CIT/DR For the Respond ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ened u/s. 148 for identical reason and the assessee had approached the Hon ble Gujarat High Court with a writ petition against the reopening which was allowed by the Hon ble Gujarat High Court vide its order dated 28.03.2016 in SCA No. 694 of 2015 quashing the reopening, noting the fact that the assessee was engaged in the business of Shroff and cheque discounting, charging only commission thereon. Ld. Counsel for the assessee pointed out that identical addition made in the A.Y. 2006-07 in the case of the assessee was also deleted though on the technical ground that the reopening was not in accordance with law, after considering the judgment of the Hon ble Gujarat High Court for A.Y. 2008-09 as above. He therefore stated that the issue was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing for the impugned year also, subsequently done by the A.O. with respect to cash deposits in other bank accounts of the assessee, was dropped by the A.O. following the judgment of the Hon ble Gujarat High Court in the case of the assessee itself. The relevant findings of the Ld. CIT(A) in this regard at Para 8 to 11 of the order is as under: 8. While making assessment u/s.143(3), the A.O. made additions of Rs.224.53 crore for the deposits made by the appellant in 16 bank accounts as mentioned in para 3 of the assessment order. Later on the A.O. reopened the assessment for A.Y. 2008-09, as deposits in the same bank accounts were found pertaining to the period relevant to A.Y. 2008-09 also. The appellant filed writ petition before the H ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ppellant's case for A.Y. 2012-13 i.e. year under consideration has been reopened for the reason that more bank accounts were found by the A.O. The A.O. stated that there were total 35 bank accounts [including 16 bank accounts considered while passing order u/s.143(3) ] having deposits of Rs.578.15 ccore (including 224.53 adjudicated by A.O. in assessment order u/s.143(3). 11. During the re-opened assessment proceedings for A.Y. 2012-13, the appellant submitted details of all beneficiaries, who deposited cheques/cash with the appellant and were given cheques/cash as per their requirement and therefore, the A.O. dropped the re-assessment proceedings. These facts have been confirmed by e A.O. in para 4 of the remand report submitted. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ase of the assessee itself in a writ petition filed by the assessee against reopening of the case for A.Y. 2008-09 and the Hon ble High Court had noted the fact that the assessee being in the business of Shroff, the cash deposits related to its business and did not represent any unaccounted income of the assessee. Ld. CIT(A), we find also took note of the fact that reopening resorted to by the A.O. for the impugned year on account of cash deposits in some other bank account ,subsequent to passing of the assessment order in the impugned case, was dropped by him taking note of the decision of the Hon ble Gujarat High Court. 8. The Ld.DR was unable to controvert the above. 9. Therefore, it is clear that the issue of cash deposits in the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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