2019 (8) TMI 771

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....nience, both these appeals were heard together and are being disposed of by this common order. 2. ITA No. 1385/Del/2019: Facts of the case, in brief, are that the assessee is an individual and filed his return of income on 31.03.2015 declaring total income of Rs. 1,99,770/-. In this case, the AIR information was received according to which the assessee has made cash deposit of Rs. 66,90,100/- in the savings bank account maintained with HDFC Bank. During the course of assessment proceedings, the AO asked the assessee to substantiate the source of such cash deposited in the bank account. It was explained by the assessee that he was working with Rudra Pharmaceuticals on consignment basis who were having wholesale/retail business in the f....

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.... I.T. Act." 3. In appeal, the Ld. CIT(A) upheld the action of the AO by observing as under: "DECISION : The contention of the Appellant has been considered and the order of AO has also been perused. It is seen that there was an AIR Information in this case about the total cash deposit of Rs. 66,90,100/- in the bank account of the appellant. During the assessment stage, as per the explanation filed by the assessee, the AO conducted detailed enquiries and issued summons u/s 131 to various parties. Some of the parties denied having done the transactions with the assessee and notices to some of the parties were returned back unserved. From the parties who responded to the notices, however, the transaction amounting to Rs. 41,10,000/....

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....o the employer instead of assessee who were the entities said to be depositing the cash. 5. The appellant craves leave to add, alter, amend or vary any of the above grounds during the pendency of the appeal." 5. The ld. Counsel for assessee submitted that since the notices were issued to the parties in the wrong addresses the notices could not be received by those parties. He submitted that given an opportunity the assessee is in a position to produce the parties before the AO to substantiate the claim that the cash deposited by the assessee in the saving bank account maintained with HDFC Bank is in fact the cash received from those parties. He submitted that in the interest of justice, the assessee should be given one final opp....