2021 (6) TMI 625

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....tax Act,1961 ['the Act' for short], amounting to Rs. 1,69,57,000/-. 3. Brief facts of the case are as follows. The assessee is an individual having income from house property, business & profession and other sources. For the assessment year 2015-16, return of income was filed on 16.12.2016, declaring total income of Rs. 9,76,060/-. The assessment was selected for limited scrutiny to explain the source of cash deposit amounting to Rs. 1,69,57,000/-. The assessee submitted that cash deposits are out of transport business. The submission/reply of the assessee reads as follows: "Priyanka Agencies is a proprietorship concern Mithalal C is the proprietor having a C&F Agencies of Appollo Tyres supply the tyres and Priyanka A....

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....time to file the necessary details. Since the assessment was getting time barred, the A.O. completed the assessment u/s 143(3) of the Act vide order dated 29.12.2017. The A.O. made the entire addition of cash deposit u/s 69A of the Act amounting to Rs. 1,69,57,000/-. 5. Aggrieved by the assessment order, the assessee preferred an appeal to the first appellate authority. The assessee filed written submission and supporting documents/evidence with regard to the source of cash deposit. The submissions of the assessee are reproduced at para 4.2 of the impugned order of the CIT(A). The CIT(A) called for a remand report from the A.O. The A.O. filed his remand report dated 17.7.2018. On receipt of the remand report, the CIT(A) dismissed the app....

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.... It was stated that the A.O. furnished the remand report without verifying the additional evidence produced before the CIT(A) and without providing an opportunity of hearing to the assessee to substantiate his case. It was prayed that the principle of natural justice is violated in this case, therefore for a proper appreciation of evidence, which is on record, matter may be remanded to the A.O. for de-novo consideration. 7. The Ld. D.R. supported the order of the A.O. and the CIT(A). 8. We have heard rival submissions and perused the material on record. In the instant case assessment was selected for limited scrutiny for verification of cash deposits made into savings bank account No.40042010073306 with the Syndicate Bank. It was subm....