2017 (4) TMI 467

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....peals)-II, Baroda, dated 30/06/2014 for the Assessment Years (AY) 2006-07 & 2007-08 and following Grounds of appeals have been taken: i) That the applicant had filed appeals for Asst. Years 2006-07 and 2007-08 on 30.09.2014. ii) That the hearing of the above appeals was for the first time fixed on 26.08.2015 before "SMC" Bench, Ahmedabad. The authorized representative of the appellant had vide letter dtd. 24.08.2015 had requested to consolidate the above appeals with the appeal filed by the appellant for the Asst. Year 2010-11 on the ground that the issue had roots in the appeal for Asst. Year 2010-11 (Appeal No. ITA/1144/Ahd/2015). iii) That the second notice of hearing dtd. 23.10.2015 fixing hearing on 11.12.2015 was received by ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ing the above ground. The ground needs to be adjudicated and the notice issued U/s 148 requires to be cancelled being bad in law. It is prayed that the ground needs to be adjudicated and the notice issued U/s 148 requires to be cancelled. The reassessment made U/s 143(3) r.w.s. U/s 147 of the Act be cancelled. ii). On the facts and circumstances of the case, the learned CIT(Appeals)-II is not justified both in law and on facts in confirming the stand taken by the learned AO and thereby treating cash credit A/c no. 118 with Commercial Co-operative bank Ltd. as belonging to Mr. H.K. Mistry (Individual) instead of treating the same as belonging to H.K. Mistry(HUF). It is prayed that the cash credit A/c no. 118 with Commercial Cooperative ba....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ain the source to total cash deposits of Rs. 13,08,670/- on the Account No. 118 with the Commercial Co-operative Bank Limited. 7. In response to the above quarry, assessee replied that Account No.118 with the Commercial Co-operative Bank Limited was of his HUF and total cash deposits of Rs. 13,08,670/- were made in the said Account by his HUF not by him in his Individual capacity. An affidavit stating that the Account No.118 with the Commercial Co-operative Bank Limited; belongs to H.K. Mistry (HUF) was also submitted by the assessee. 8. Thereafter a notice u/s. 148 was issued on 28/03/2013 and served upon the assessee with detail and the assessee reiterated that Account No.118 belongs to his HUF. Before proceeding further, it was nec....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....rst statutory appeal before the learned CIT(A), who partly allowed the appeal of the assessee. 12. We have gone through the relevant record and impugned order and heard the rival submission Ground u/s. 148 and the re-assessment made u/s. 143 r.w.s. 147 of the Income-tax Act have not been pressed by the assessee. So far as Ground related to Account No.118 with the Commercial Co-operative Bank. It was submitted by the Assessee Representative that the credit in the C.C. Account No.118 stated of Rs. 4,83,382/- which is not the correct figure. This figure includes opening balance of Rs. 3,22,328/- as on 01/04/2006. This amount has to be excluded from the credits made during the year. The correct figure of deposit is Rs. 1,61,054/-. 13. Ass....