2021 (4) TMI 489

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.... the Income Tax Act, 1961 (for short 'the Act'). 2. The brief facts of the case are that the assessee filed its return of income for the assessment year under consideration declaring the total income of Rs. 23,65,530/-. The AO passed assessment order u/s. 143(3) of the Act, determining the total income of the assessee at Rs. 38,65,530/- after making addition of Rs. 15,00,000/-, deposited in assessee's bank account, as income earned from undisclosed sources. In the first appeal, the ld. CIT(A) confirmed the addition made by the AO. The assessee is in appeal against the said findings of the ld. CIT(A). 3. The assessee has challenged the impugned order by raising the following grounds:- 1. That the Ld. Commissioner of Income Ta....

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....en submissions made before the ld. CIT(A) and the documents produced during the assessment proceedings. 5. The ld. Counsel further submitted that since the assessee had explained the source of deposit in question and produced documentary evidence, during the assessment proceedings, the ld. CIT(A) has wrongly confirmed the addition made by the AO. The ld. Counsel accordingly submitted that the impugned order is bad in law therefore, liable to be set aside. 6. On the other hand, the ld. Departmental Representative (DR) supporting the findings of the Ld. CIT(A) submitted that since the assessee failed to substantiate its contention during the assessment proceedings and during appellate proceedings, the ld. CIT(A) has rightly upheld the asses....

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....ssessee furnished the copies of receipts issued by Sh. Ravi Gulati, copies of statement of Sh. Ravi Gulati and Sh. Navdeep Singh recorded during assessment proceedings, which are available on record. The Ld. CIT(A) has rejected the appeal of the assessee mainly on the ground that Sh. Ravi Gulati has failed to prove the source of payment made to the assessee. We notice that during the course of assessment proceedings AO examined Mr. Ravi Gulati and recorded his statement. Mr. Gulati in his statement has categorically stated that he had paid Rs. 15,00,000/- to the assessee in instalments. He has further stated that he had taken the said amount from his employer Sh. Rahul Mehra. Sh. Ravi Gulati one of the accused in the F.I.R. No. 0382 dated 0....