On appeal the Tribunal held that, as per Annual Information Return Showing Deposits in Bank Accounts , the assessee has not complied with the notice accordingly the reassessment notice is held to be valid. As regards the addition made as unexplained investment regarding deposit of cash in bank accounts from , agricultural income gift etc, the Tribunal remanded the matter to CIT (A) to pass speaking order. ( AY.2011-12)
Bhup Singh v .ITO (2020)81 ITR 44 (SN) ( Jaipur) (Trib)
S. 147 : Reassessment – No return filed prior to issue of notice — Annual Information Return Showing Deposits in Bank Accounts — No Compliance pursuant to notice — Reassessment notice is held to be valid- Unexplained investment- Agricultural income -Gift – Matter remanded to CIT (A) to pass speaking order . [ S. 69A ,144, 148 ]