2015 (8) TMI 458

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...., but served by inordinate delay on 6.1.2011, and as such, it is presumed that the order is not served within time limit i.e. on or before 31.12.2010. So the whole proceedings under sec.143(3) is itself bad in law, viod ab ignition, illegal and liable to be quashed." 3. At the time of hearing, no arguments were made by the AR of the assessee, hence, this ground of the appeal of the assessee is dismissed. 4. In the ground no.2 to 8 of the appeal, the grievance of the assessee is that the CIT(A) erred in confirming the addition of Rs. 37.75 lakhs made by the AO on account of deposits made in undisclosed bank account with Prime Coop. Bank Ltd. (PCBL) without allowing set off of loss of Rs. 56,99,495/- made in purchase of sale of shares a....

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....n, and which is not reflected in his audit report or return of income. He also held that merely claiming the loss amount and that for the activity and bank account, which is out of books, and not revealing the money in the form of cash deposit amounting to Rs. 37.75 lakhs is not acceptable in absence of any material evidence produced by the assessee. Accordingly, he added Rs. 37.75 lakhs as deemed income of the assessee under section 69A of the Act. 7. On appeal, the CIT(A) confirmed the action for the same reasons. 8. Before us, the AR of the assessee submitted that out of the income determined under section 69A of the Act, the loss suffered by the assessee in the business of shares and future options should be allowed deduction to t....

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....undisclosed bank account, and these transactions were also not disclosed in its regularly maintained books of accounts and that it had incurred loss from this business of Rs. 56,99,495/- and claimed that from the income of Rs. 37.75 lakhs computed under section 69A, the loss of Rs. 56,99,495/- should be deducted to determine the income of the assessee. The AO did not accept the submissions of the assessee, because, the assessee failed to produce any material or evidence before him, and added Rs. 37.75 lakhs as deemed income of the assessee under section 69A of the Act. 11. On appeal, the CIT(A) confirmed the same. 12. Before us, the AR of the assessee reiterated the submissions made before the lower authorities, and the DR supported t....