TaxTMI 
TaxTMI 
2013 (6) TMI 20
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....n with the various provisions of sec. 147 and 148 of the Income Tax Act, 1961 . 2. While computing the income of the assessee the Ld CIT(A) has erred in confirming the addition made by the Assessing Officer Ward-13(1), New Delhi of credits of Rs.1,69,250.00 appearing in UTI Bank A/c No. 16791 of the assessee u/s 68 of the Income Tax Act, 1961 . 3. While computing the income of the assessee the Ld CIT(A) has erred in confirming the addition made by the Assessing Officer of credits of Rs.22,5000.00 appearing in A/c 22411 maintained with Punjab National Bank of the assessee u/s 68 of the Income Tax Act, 1961 . 4. While computing the income of the assessee the Ld CIT(A) has erred in confirming the addition made by the Assessing Officer....
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....n ball bearing etc. The Assessing Officer observed that the account was opened on 20.3.2001. Therefore, the Assessing Officer held that assessee was having undisclosed income from business from assessment year 2001-02 onwards. Therefore, Assessing Officer in that year considered the deposits in the bank account as business receipts and applied a gross profit ratio of 9% and made the addition accordingly. 3. During the course of re-assessment proceedings in the year under consideration, the Assessing Officer made an addition of Rs.3,94,250/- on account of deposits made in UTI Bank and Punjab National Bank. The total cash and cheques deposited in UTI Bank were to the tune of Rs.1,69,250/- and deposit in Punjab National Bank amounting to Rs....
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....to include this interest to his total income. Therefore, the Assessing Officer made the addition of the same. 6. Dissatisfied with the order, the assessee carried the matter before Ld CIT(A) but did not succeed. 7. Aggrieved, the assessee is before us against the addition upheld by the Ld CIT(A). 8. At the outset, the Ld AR submitted that it is a no account case and assessee had not disclosed a bank account in his return of income and Department had taxed the total deposits in his bank account which is against the principle of natural justice. He further submitted that u/s 44AF of the Act, no documentary evidence is required to be filed and further he argued that confirmation of purchases of goods were filed. Continuing his argumen....
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....rse of assessment proceedings for assessment year 2005-06, a bank account with UTI Bank came to the knowledge of Assessing Officer and the Assessing Officer vide assessment order dated nil calculated the income from undisclosed sources by treating the deposits in the bank as sale proceeds and by taking 9% as presumptive profits taking guidance from the provisions of section 44AF. The bank account in both the years is same i.e. Axis Bank which was initially opened in the year 2001 and assessee continued to make deposits and withdrawals out of this account. The Assessing Officer has already held in assessment year 2005-06 that the deposit represented business receipts not recorded in the books of accounts. Therefore, there is no reason as to ....