2019 (12) TMI 1250

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....ed by the assessee for the AY.2012-13 is directed against the order of the Commissioner of Income Tax (Appeals)-Kurnool, dated 19-02-2018. 2. Brief facts of the case are that, assessee, an individual, filed his return of income for the AY.2012-13 electronically on 31-03-2013, disclosing a total income of Rs. 12,67,650/- derived from interest, remuneration and commissions. The said return was se....

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....ubmitted that the AO was satisfied with the financial position of the HUF with regard to rent money and there is an entry of Sundry Debtors of Rs. 12 Lakhs in the Balance Sheet of HUF. The AO felt that the money of assessee is routed through assessee's-HUF and the amount of Rs. 12 Lakhs is concealed income. It was further submitted that the AO had issued notice to the assessee's-HUF to explain the....

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.... the assessee reiterated the submissions made before the authorities that the assessee-individual had borrowed a sum of Rs. 12 Lakhs from his HUF and it is also transferred through banking channels. He has filed before us the copies of the notice issued by the AO to the assessee's-HUF dt.13-10-2014, requiring the assessee to explain the deposit of Rs. 9,85,000/- on 02-04-2011. He has also referred....

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....low and has filed the report of the AO i.e., ITO Ward-1, Proddatur, dt.16-07-2019, stating that the assessee has been filing his returns of income in HUF capacity w.e.f. AY.2011-12 to AY.2018-19 and only for the AY.2012-13, the return of income in HUF status was filed on 01-04-2013 belatedly and the same was processed by the CPC, Bengaluru on 14-05-2013 and that no scrutiny assessment was done in ....