Reassessment based on Incorrect Facts is Invalid

Bhaveshbhai Manilal Patel Vs ITO (ITAT Ahmedabad) In this case by Information noted by the AO of cash deposits of Rs.10.00 lakhs in the bank account of the assessee leading to belief of escapement of income, has been duly demonstrated before me to be incorrect. The actual cash deposits were only to the tune of Rs.29,900/- as is evident from the copy of the bank account of the assessee noted by the AO, placed before us. Even otherwise, I agree with the ld. counsel for the assessee that mere fact of cash deposits in the bank account alone could not lead to formation of the belief of escapement o...