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"Reasons recorded for issuance of notice u/s. 148 of the I.T. Act in the case of Sh. Harmeet Singh, 2/54, Geeta Colony, New Delhi for the assessment year 2008-09.

27.03.2013 Information based on Non-filter AIR data available on the ITD system reveals that Sh. Harmeet Singh has deposited cash of Rs. 40,49,500/- in the saving bank account on various dates during the FY 2007-08 pertaining to AY 2008-09. Perusal of the database in the ITD system shows that the assessee has not filed any ITR for the AY 2008-09, thereby it can be concluded that the disclosed income is below taxable limits and in absence of disclosed sources of income /cash, it is reasonably concluded that income equivalent to the cash deposits has escaped assessment and the same is chargeable to tax for AY 2008-09. The onus to disclose the true and full particulars of income lies on the assessee, hence it can be concluded that assessee has failed to disclose sources of cash deposits. In view of the explanation 2 of proviso 2 of section 147 of the Act, since no return of income has been furnished and income exceeds taxable limits, case of the asessee needs to be reopened u/s. 147/148 of the Act to bring to tax the income equivalent to cash deposit of Rs. 40,94,500/- which has escaped assessment.