2015 (10) TMI 919

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....ised return of income on 24.11.2010 admitting income of Rs. 3,46,627. Assessment was completed by the AO determining total income at Rs. 73,97,400 by making the following additions: (a) Addition of cash credits - Rs. 70,50,000 (b) Addition of interest in SB A/c. - Rs. 770   3. The AO in her assessment order, made the addition of Rs. 70,50,000 for the following reasons:             "It is seen from the AIR information that the assessee has made cash deposits amounting to Rs. 70,50,000 in bank. The details are obtained from the assessee. As seen from the assessee's bank statement of AXIS Bank, a cash deposit of Rs. 40,00,000/- was made on 23/07/2008, of Rs. 2....

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....dresses along with signatures of both the buyer(s) and the seller(s). In this case, the so-called Sale Deed does not evidence any such particulars.     In view of the above, there remains reasonable doubt about the genuineness of the said document. As the assessee failed to produce any confirmations from the farmers also, the genuineness of the document remains unsubstantiated.     The assessee failed to produce any confirmation letters from the farmers regarding creditworthiness and genuineness despite giving several opportunities. Therefore, any attempt of the assessee to furnish any additional information at the appellate stage should not be accepted as additional evidence as per Rule 46A of the I.T. R....

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....the amounts, to proved their creditworthiness and genuineness of the transactions and also the documents. Aggrieved, the assessee is in appeal before us. 6. The learned counsel for the assessee Sri A.V. Raghu Ram submitted that the learned CIT(A) erred in passing ex-parte order without giving sufficient opportunity to the assessee. The CIT(A) having accepted the petition for adjournment filed on behalf of the assessee and indicated to issue a fresh notice of hearing, could not have dismissed the appeal behind the back of the assessee. It was submitted that the learned CIT(A) erred in confirming the addition of Rs. 70,50,000 as unexplained deposits in bank account and failed to appreciate that the said amounts are advances received in res....