TaxTMI 
TaxTMI 
2017 (4) TMI 966
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....edings before the learned CIT(A) arising from the assessment order dated 13th January, 2015 passed by learned Assessing Officer ( hereinafter called " the AO") u/s 144 of the Income-tax Act, 1961 (Hereinafter called "the Act"). 2. The grounds of appeal raised by the assessee in memo of appeal filed with the Income-Tax Appellate Tribunal, Mumbai (hereinafter called "the tribunal") read as under:- "1) The cash deposits in the bank, of which addition u/s. 69 for an amount of Rs. 75,16, 179/- is made, is partly out of certain loans which are subsequently repaid and partly out of sale of family jewellery. 2) The Appellant is physically handicapped and cannot move out without an escort. The assessment & appeal proceedings of the Appellan....
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....nbsp; Thus, the A.O. was left with no other option but to frame best-judgment assessment order dated 13-01-2015 passed u/s 144 of the Act by the AO , whereby firstly additions to the tune of Rs. 75,16,179/- in aggregate was made as unexplained money u/s 69 of the Act for cash deposited in two saving bank accounts of the assessee with ICICI Bank and one bank account with Bank of India, while second addition was made to the tune of Rs. 21,304/- towards interest on loan advanced by the assessee which was reported as per AIR information received by the AO and which was not disclosed by the assessee in the return of income filed with the Revenue. The additions have been made mainly on account of huge amount of cash deposited by the assessee i....
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....pass an exparte order vide best judgment assessment vide orders dated 13-01-2015 passed u/s 144 of 1961 Act wherein it is recorded that none appeared on behalf of the assessee. 6. Aggrieved by the appellate orders dated 29-03-2016 passed by learned CIT(A), the asseseee filed an appeal before the Tribunal. 7. During hearing before the Tribunal, none appeared on behalf of the assessee when the appeal was called for hearing, therefore, we proceed to dispose of the appeal after hearing ld. D.R. . The learned DR has placed reliance on the appellate orders of learned CIT(A) and contended that the assessee has not entered appearance before the authorities below as well before tribunal. 8. We have considered the submissions of learned DR a....
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....ortunity to the assessee so that he can explain and establish his case on merits before the AO , hence it is prayed by the assessee that the matter may be remanded back to the A.O. so that the assessee can make due representation before the A.O. and the issues may be decided on merits by the AO . In ground No. 1 filed before the tribunal, the assessee has also claimed that an amount of Rs. 75,16,179/- deposited in cash in bank accounts with ICICI Bank and Bank of India , were partly out of certain loans raised by the assessee which were subsequently repaid while partly the same were out of sale of family jewellery. These contentions of the assessee need verification, enquiries as well examination by the AO on merits as the AO may deem fit t....