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TMI Blog2023 (4) TMI 1101X X X X Extracts X X X X X X X X Extracts X X X X ..... s used to deposit their cash in this account and apply for initial public issue. It is pertinent to note that the reasons recorded in assessee and her son s case are identical and the Assessing Officer has recorded the reasons stating therein that the assessee has entered into monetary transaction i.e. cash deposited in the saving bank account and no return of income was filed by the assessee. But the basic fact that assessee is not eligible for filing return of income was not taken into account and therefore, there was no application of mind while recording the reasons for reopening. Decided in favour of assessee. - I.T.A. No. 529/Ahd/2020 I.T.A. No. 530/Ahd/2020 - - - Dated:- 29-3-2023 - MS. SUCHITRA KAMBLE , JUDICIAL MEMBER ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... being heard the addition sustained of Rs. 6,15,800/- requires to be deleted. 6. That the assessee has not concealed or suppressed any particulars of income as per explanation-1, section 271(1)(c) and as such the penalty and interest u/s 234A, 234B and 234C may please be deleted. 7. Your appellant craves leave to add, alter, amend or drop any of the grounds till the appeal is finally heard and disposed off. 3. On the basis of the Annual Information Return the case of the assessee for A.Y. 2011-12 was reopened with the permission of the Pr. CIT recording the following reasons: AIR/CIB information available in this office record that the assessee has entered into monetary transaction i.e. cash deposited of Rs. 16,38,600 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mitted that cash deposit in saving bank cannot be a reason to believe that all the cash deposits are income of the assessee. The same ITO has recorded reasons under Section 147 in case of son of the assessee i.e. Arvindbhai Amrutlal Patel and the wording of the said reasons are identical in both the cases. Thus, the Assessing Officer who reopened the case of the assessee was not sure or does not have any reason to believe that the cash deposit in bank account belong to assessee i.e. Maniben Patel or her son Arvindbhai Amrutlal Patel. Thus, Ld. A.R. submitted that the ITO does not make any independent enquiry and also did not come to the conclusion that about the source of the income of the assessee which is unexplainable. The Assessing Offi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... income during the year and therefore, they have not filed any return of income. The family of the assessee are having some agricultural income and small income from share transactions. The assessee is residing in very small village where no private bank are available also no core banking is available during the year under consideration. Therefore, the assessee and their family members used to deposit their cash in this account and apply for initial public issue. The Ld. A.R. submitted that the family statement to that extent itself is self-explanatory. The Ld. A.R. submitted that the cash deposited on various occasions belong to various persons of assessee s family on whose behalf the assessee may share application money. The assessee and ..... X X X X Extracts X X X X X X X X Extracts X X X X
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