9911796707
TMI Blog2024 (8) TMI 359X X X X Extracts X X X X X X X X Extracts X X X X ..... rd that, the information is not newly came on record or to the knowledge of Ld. AO, or the information is incorrect or else the transactions sought to trigger re-opening have duly considered in the returns of income previously filed by him, then reopening on the basis of prima facie material cannot be faulted with as it passes through the test of section 147 of the Act. This finds support from the decision of Raymond Woollen Mills Ltd. [ 1997 (12) TMI 12 - SUPREME COURT ] Respectfully following the same, we do not see any cogent reasons in not upholding the re-opening of assessment and in not dismissing the legal ground raised thereagainst. This answers the first ground of the present appeal. Addition u/s 69A - Besides making bald statement ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... olved in both these appeals being identical common, at the request of rival parties, these are taken up together for the sake of brevity and for a common consolidated order. 3. Tersely stated common facts arising out of the case records are that; 2.1 Upon the receipt of information from ITO (Inv) vide letter dt. 11/12/201 that the assessee has repaid portion of loan taken by him from Yogiraj Nagari Sahakari Pathsanstha [ YNSP hereinafter] in cash, the case of the assessee for AY 2015-16 2016-17 were re-opened and in the event of effective failure to prove nature source of cash repayment of ₹1.438 Lakhs and ₹1.20 Lakhs, the same were bought to tax as unexplained money u/s 69A of the Act in the hands of assessee vide assessment or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Bank [ SCB hereinafter], wherefrom he withdrew a cash of ₹23.75 Lakhs for the purpose. The balance of cash withdrawal intermittently or finally left over after meeting his construction needs were deposited with YNSP towards repayment of loan. Upon the information of such cash repayment the Ld. AO re-opened the assessment to verify nature source thereof, in the absence of any reply, evidence in the event of non-cooperation from the assessee, the Ld. AO came to conclude that, cash withdrawal made out of loan availed from YNSP were meant from constructions since it were fully utilized therefor, the assessee had no balance to repay the loan to YNSP in cash. Since the assessee failed to establish/explain the nature source of cash availab ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t. This finds support from the decision of Hon ble Apex Court in Raymond Woollen Mills Ltd. Vs ITO [1999, 236 ITR 34 (SC)]. Respectfully following the same, we do not see any cogent reasons in not upholding the re-opening of assessment and in not dismissing the legal ground raised thereagainst. This answers the first ground of the present appeal. 6. Insofar as the meritorious ground is concerned, we note that, besides making bald statements in the impugned orders the Revenue could hardly place any material on record to dismantle the appellant s plea that; the cash repayment of loan were exclusively out of excess of cash withdrawal nor it could able to demonstrate concretely with cogent evidence that the entire cash withdrawal were fully uti ..... X X X X Extracts X X X X X X X X Extracts X X X X
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