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TMI Blog2022 (12) TMI 1345X X X X Extracts X X X X X X X X Extracts X X X X ..... tion to suggest that the cash deposits reflected in the individual transaction statement has been offered to tax by the assessee. Therefore, while reopening the assessment under Section 147 of the Act, the Assessing Officer had tangible material in his possession to form belief that income has escaped assessment. Therefore, he has validly initiated proceedings under Section 147 of the Act. Validity of approval granted under Section 151 - We do not find any deficiency in such approval. Therefore, no merit in ground no.2. Accordingly, the ground is dismissed. - ITA No.3459/Del/2019 - - - Dated:- 25-11-2022 - SHRI SAKTIJIT DEY, JUDICIAL MEMBER Appellant by S/Shri Gaurav Jain Sudharshan Roy, Adv. Respondent by Shri Om Park ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... osits and furnished a cash flow statement. However, the Assessing Officer was not convinced with the submission of the assessee. Ultimately, he added back an amount of Rs.49,85,000 to the income of the assessee. Though, the assessee contested the aforesaid addition as well as the validity of reopening of assessment under Section 147 of the Act, however, learned Commissioner (Appeals) declined to interfere on both the issues. 6. Before me, learned counsel appearing for the assessee challenged the validity of reopening of assessment and submitted that merely relying upon the information contained in the individual transaction statement, the Assessing Officer has reopened the assessment under Section 147 of the Act without any independent i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rned Departmental Representative strongly relied upon the observations of the Assessing Officer and learned Commissioner (Appeals). 9. I have considered rival submissions and perused the material on record. I have also examined the decisions relied upon. It is evident, in the year under consideration, the assessee has deposited cash amounting to Rs.58,86,000 in two bank accounts standing in his name. It is a fact on record that the assessee did not file any return of income under Section 139(1) of the Act. The fact relating to cash deposit made by the assessee came to the notice of the Assessing Officer from the individual transaction statement available with the department. Thus, in absence of any return of income filed by the assessee, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 04.2007. Apparently, the Assessing Officer has disbelieved assessee s claim regarding opening cash balance. 13. Considering the fact that assessee is a agriculturist, his age and past earnings over a period of 35 years, the claim of opening cash balance of Rs.10,70,000 is believable. In fact, before learned Commissioner (Appeals) the assessee has filed an affidavit in this regard. As regards withdrawals of Rs.12,00,000 from Union Bank of India, the bank statement clearly demonstrates such fact. When the Assessing Officer has not been able to establish on record that withdrawals made from the bank account were utilized for any purpose other than the purpose claimed by the assessee, assessee s claim that deposits of Rs.12,00,000 were out o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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