TaxTMI 
TaxTMI 
2021 (11) TMI 38
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.... of ld. A.R. to take the adjournment just to delay the hearing of the case. In view of above, I proceed to decide the appeal of the assessee ex parte after hearing ld. D.R. and on the basis of materials available on record. 3. Ground No. 1 relates to quashing of assessment order passed by the AO by issue of notice u/s. 148 of the Act without having reasons recorded. 4. When this fact brought to the knowledge of ld. D.R., he produced a certified copy of notice sheet dated 8.12.2013, of assessment record containing reasons recorded u/s. 148 of the Income tax, as under: "The assessee has filed his return of income for assessment year 2012-13 on 7.8.2013 disclosing total income of Rs. 3,67,010/-. It is seen from informat....
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....owance of Rs. 9,600/-. Therefore, it is sustained and the ground of appeal is dismissed." 8. I have heard the submission of ld. D.R. As per circular No. 6/2004 dated 6.12.2004, the assessee-individual is entitled to deduction of Rs. 9600/- per year with regard to conveyance allowance. In this case, the assessee has claimed Rs. 36,649/-, which is not in accordance with the CBDT circular. Therefore, I concur with the findings of ld. CIT(A) in confirming the disallowance. This ground of appeal is dismissed. 9. Ground No. 3 relates to confirmation not addition of Rs. 18,000/- on account of interest income of Rs. 18,000/-. 10. On perusal of the impugned order, I observe that the assessee had deposited of Rs. 3,00,000/- as fixed deposit ....
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....n instalments from several persons from places like Jagatsinghpur, Paradeep and Kendrapara and the money was received in cash and the same was given back to the employer company. Since the assessee could not furnish necessary evidence of giving the money to the employer company, the Assessing Officer made the addition of Rs. 22,77,420/- as cash deposits and Rs. 2,22,950/- as cheque deposits. 13. On appeal, the ld. CIT(A) confirmed the addition, mainly on the ground that the assessee has not been able to submit any confirmation letter from E-Nxt Financial Ltd., regarding receiving of money from the assessee and any authorization that the assessee is authorized to receive money from the customers on behalf of the employer company. 14. L....
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....has accepted some amount being received in cheque payments, therefore, it is safely presumed that the assessee was responsible for collection of money from the customers. 16. In the case at hand, the assessee had not disclosed the cash deposits/cheque deposits made in various bank accounts maintained by him in his name. When the cash/cheque deposits was unearthed by the AO and same being questioned, the assessee explained that the cash deposits/cheque were made after receiving the same from the various customers on behalf of his employer company i.e. E-Nxt Financials ltd but could not produce any evidence i.e. confirmations from the customers or the authorization letter of his employer company to receive the cash on their behalf. It is n....
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....onjectures. There is no doubt that every assessee submits explanations. There is further no doubt that every explanation should not be accepted as a truth. But wherever the explanation contains truth, it requires to find out such truth and to give benefit of the same to the assessee. It would not be correct to reject the explanation outright without weighing the evidence and without seeing the reasonableness of the evidence. In the present case, the explanation of the assessee that he has deposited the cash collected from the customers in his bank account and thereafter deposited the same in his employer account cannot be denied outright because it is his contention that he collected cash and cheques on behalf of the employer. The AO has ac....