AI OCR 
TaxTMI 
TaxTMI 
TaxTMI 
2021 (1) TMI 531
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.... both on the facts and in law. 2. That in any view of the matter income as disclosed in the return should have been accepted. 3. That in any view of the matter after filing of the return no notice u/s. 143(2) was served on the assessee nor assessee has any information about service of notice and this fact duly mentioned in the assessment order hence in absence of proper service of notice assessment as made is illegal and void abinitio. 4. That in any view of the matter addition of Rs. 2,22,735/- as mentioned on account of advances from parties are not correct and thus the action of learned Commissioner of Income Tax (Appeals) is highly unjustified. 5. That in any view of the matter addition of Rs. 2,57,00,000/- by alleging unexplain....
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....ioner of Income Tax (Appeals) is highly unjustified. 9. That in any view of the matter findings and observation of both the two lower authorities with regard to addition of Rs. 2,57,00,000/- are incorrect and contrary to the actual facts of the case. 10. That in any view of the matter the case laws as cited by learned Commissioner of Income Tax (Appeals) at page 4 are not applicable to the assessee's case as the facts are quite different. 11. That in any of the matter interest charged u/s 234A, 234B is highly unjustified. 12. That in any view of the matter the appellant reserves his right to take any fresh ground of appeal before hearing of appeal." 2. The assessee company was engaged in the business of Civil Contract and filed its....
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....sessee has made an addition on the ground that assessee has not explained the source and nature of the cash credit. The ld. AR has referred to the letter filed before the Assessing Officer as well as the affidavit of the assessee ascertaining the fact that the assessee filed the relevant details and evidence before the Assessing Officer. He has further submitted that in the subsequent year the assessee has repaid this amount, as the assessee has not carried out the work against which the earnest money was received and the assessee company was also closed. Thus, he has submitted that the Assessing Officer as well as CIT(A) has passed the impugned orders without considering relevant details as well as evidence filed by the assessee. 4. The ....
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.... to discharge its onus of identity of the creditor, creditworthiness of the creditor and genuineness of the transaction. He has relied upon the orders of the authorities below. 6. We have considered the rival submissions as well as relevant material available on record. There is no that dispute as on 31.03.2010, the assessee has shown earnest money of Rs. 3,79,00,000/- out of which Rs. 1,22,00,000/- was an opening balance as brought forward from the preceding year. The Assessing Officer, accordingly, made an addition of the balance amount of Rs. 2,57,00,000/- u/s. 68 of the Act, for want of any explanation about the nature and source of the said credit entry. The assessee has challenged the action of the Assessing Officer before the ld. CI....
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.... be given an appropriate opportunity of hearing before deciding the issue afresh. 7. The assessee has also raised Ground No.4 regarding addition sustained by the CIT(A) towards the alleged booking amount received in cash. Since the other issue is remanded to Assessing Officer for verification and for adjudication this issue also remanded to the Assessing Officer with similar directions. 8. As regards the validity of assessment proceedings for want of the valid notice u/s. 143(2) of the Act, we find that though the Assessing Officer has stated in the assessment order that the notice u/s. 143(2) issued and served on the assessee by speed post on 29.09.2011 however, it is not clear, what is the date of the notice u/s. 143(2) and when it was ....