9911796707
TMI Blog2024 (5) TMI 1016X X X X Extracts X X X X X X X X Extracts X X X X ..... , the AO treated cash deposits in the bank account as sales and assessed the income embedded therein at Rs. 4,48,910/- in AY 2011-12, whereas in the AY 2012-13 entire cash deposits as income without bringing any material on the record to strengthen the finding therein. Thus, AO, during the AY 2012-13, cannot deviate from his stand taken in the reopened assessment proceedings of the preceding year; AY 2011-12 without bringing contrary facts on the record. We, therefore, direct the AO to work out the income of the appellant/assessee @ 8% on his total cash deposits in his bank account(s) in the relevant year; AY 2012-13 and assess it accordingly. Appeal of the assessee is partly allowed. - Shri C. N.Prasad, Judicial Member And Shri Avdhesh K ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... A). Hence, he appealed before the Tribunal. 4. The Ld. Authorised Representative of the appellant/assessee (In short, AR ) submitted the cash flow chart of the appellant/assessee and put emphasis on the fact that the appellant/assessee deposited cash aggregating to Rs. 25,02,670/- during the relevant year (every month); spanning from 4th April, 2011 to 31st March, 2012. It was contended by the Ld. AR that the pattern and frequency of cash deposits and withdrawals into/from bank account were such which buttressed the claim of the appellant/assessee that the said cash deposits were nothing but the business receipts/proceeds in cash. It was further submitted by the Ld. AR that the cash deposits and withdrawal into/from bank account were Rs. 25 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ly, it was also argued by the Ld. AR that the cash deposits made in the bank even on peak basis did not go beyond Rs. 2,00,000/- on a single day as the deposits and withdrawals into/from bank account were regular on day-to-day basis. Hence, the cash deposits, on peak basis, also could be lesser than the taxable income. Thus, it was contended by the Ld. AR that the appellant/assessee did not file its return of income as he was not having the taxable income. 4.4 The Ld. AR further contended that the appellant/assessee s case of the AY 2011-12 was reopened on the similar reasoning (cash deposits in the bank account) under section 147 of the Act. The reopened assessment of the AY 2011-12 was completed under section 143(3) r.w.s. 147 148 of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 10/- in AY 2011-12, whereas in the AY 2012-13 entire cash deposits as income without bringing any material on the record to strengthen the finding therein. 8. In the interest of justice and considering all the afore-stated observations, we are of the considered opinion that the AO, during the AY 2012-13, cannot deviate from his stand taken in the reopened assessment proceedings of the preceding year; AY 2011-12 without bringing contrary facts on the record. We, therefore, direct the AO to work out the income of the appellant/assessee @ 8% on his total cash deposits in his bank account(s) in the relevant year; AY 2012-13 and assess it accordingly. 9. In the result, the appeal of the assessee is partly allowed. Order pronounced in open Court ..... X X X X Extracts X X X X X X X X Extracts X X X X
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