2020 (12) TMI 67

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....ssessee (AR), Shri Rakesh Joshi, at the outset, submitted that the tax effect of quantum additions being agitated by the revenue is below the prescribed monetary limit of Rs. 50 Lacs and therefore the appeal is not maintainable in terms of recently issued low tax effect Circular No. 17/2019 dated 08/08/2019 [F.No.279/Misc. 142/2007-TTJ(Pt.) issued by CBDT. This recent circular further enhances the monetary limit fixed in earlier Circular No.3 of 2018 dated 11/07/2018 issued by CBDT as amended on 20/08/2018. 3. On the other hand, Ld. DR controverted the same by placing on record Assessing Officer's letter dated 24/09/2019. The concluding para of the said letter read as under: - iv. That as per the above provisions, the tax effect....

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....6. The said addition was made since as per information received from DDIT(Inv.), the assessee maintained one Bank Account with ICICI Bank, Nariman Point Branch and received foreign remittances of Rs. 132.70 Lacs in the said account. However, no return of income was filed by the assessee for year under consideration which resulted into initiation of reassessment proceedings against the assessee. Although the assessee made certain submissions to Ld. AO during the course of assessment proceedings, however, the same could not find favor with Ld. AO who ultimately added the said amount as unexplained money u/s 69A in the hands of the assessee. 5. During appellate proceedings, the assessee submitted certain additional evidences which were subj....