2013 (5) TMI 880

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....rected against the orders of the CIT(A). These are being disposed of with this consolidated order. 2. At the time of hearing none appeared on behalf of the assessee. This case has been adjourned on number of times by the Tribunal, and there is no valid reason for not attending on the date of hearing before the Tribunal. In these facts, the appeals of the Revenue and the CO of the assessee are being disposed of on merits after hearing the learned DR and considering the material on record. ITA No.562/Ahd/2008 (A.Y.2001-2002) Revenue's appeal: 3. The only effective ground of the Revenue in this appeal is as under: "1. The ld.CIT(A) erred in law and on the facts of the case in deleting Rs. 45,00,000/- out of the total addition....

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.... filed by the assessee, and therefore, the CIT(A) has rightly observed that out of the peak worked out by the AO, the sum of Rs. 45,00,000/- stands explained. There being no mistake in the order of the CIT(A) on this issue, the same is confirmed and the appeal of the Revenue is dismissed. CO No.74/Ahd/2008 - A.Y.2001-2002 (Assessee's CO) "1. The notice proceedings under section 147 are illegal, unjustified and arbitrary. 2. Notice under Section 148 is erroneous 3. For that notice under Section 148 was not properly served" 6. We have heard the learned DR. In view of our dismissing the Revenue's appeal for A.Y.2001-2002, the issues raised by the assessee are merely academic, and therefore, CO of the assessee i....

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....its of Rs. 6,72,000/- on 23.1.2001 for A.Y.2001-02 is out of opening cash balance of Rs. 42,44,909/- as on 1.4.2000, and the cash deposit of Rs. 15 lakhs on 25.9.2001 in A.Y.2002-2003 is out of bank withdrawals of Rs. 3,50,000/- on 22.9.2001 and Rs. 12,00,000/- on 24.9.2011 from Talod Nagarik Bank Account No.654 and Namaskar Bank respectively. The CIT(A) has further recorded that balance deposits in Talod Nagrik Saharkari Bank Ltd. are out of transfer from other bank accounts of the assessee and his brothers, Shailesh and Gunwant Rasiklal Mehta. The CIT(A) has further recorded that in the case of the assessee cheque deposits have also been considered by the AO while working out the peak credit which is not proper. The assessee has explained....