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| The Tax Publishers2020 TaxPub(DT) 2257 (Del-Trib) INCOME TAX ACT, 1961
Section 147
Where information was received from AIR and return of income of assessee did not show complete details about deposit in her savings bank account and further, in response to query letters of AO, assessee did not reply, therefore, AO had reason to believe about escapement of income.
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Reassessment - Reason to believe for escapement of income - Assessee did not show complete details about deposit in her savings bank account while filing return of income -
Pursuant to AIR information that assessee deposited cash of Rs. 13,22,005 in her savings bank account AO issued three letters to assessee for verification but no reply was filed. Therefore, AO issued notices under section 148 and under section 142(1). AO thereafter made addition of above sum treating it as income from other sources and as unexplained cash credit under section 68. Order was passed under section 143(3) read with section 147. Assessee challenged validity of reopening of assessment. Held: There was no fault with action of AO, as information was received from AIR and return of income of assessee did not show complete details about deposit. Further, in response to query letters of AO, assessee did not reply, therefore, AO had reason to believe about escapement of income.
REFERRED :
FAVOUR : Against the assessee
A.Y. : 2010-11
INCOME TAX ACT, 1961
Section 68
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