Mere cash deposits of more than 10 lakhs cannot be a reason to reassessment

0 comments Sunday, January 25, 2015
The assessee had deposited cash in excess of Rs 10 lakhs in his saving bank account but he had not filed return of income. The AO reopened the assessment of assessee, as he had reason to believe that there was an escapement of income of Rs 10 lakhs. 
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Revised return can be filed even after issuance of intimation u/s 143(1)

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The Calcutta High Court has held that issue of intimation under section 143(1) cannot amount to completion of assessment under section 139(5) disabling assessee from filing a revised return. 
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