2021 (12) TMI 14

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....le assessment and arrived at wrong opinion that there is a short term capital gain of Rs. 2,39,223/- is not correct and justified. 2. While doing scrutiny assessment U/s. 143(3) the Ld. A.O. has made an amount of Rs. 24,880/- u/s. 50C of the Act is not correct and justified. 3. The Ld. A.O. had not considered the evidences and letters produced by the appellant in relation to the cash credit in the name of Srikalahasti Bhaskar Reddy is also not correct. 4. Inspite of the evidences and explanations furnished by the appellant, the A.O. has not considered the plea of the appellant in respect of cash credits appeared in the savings bank accounts of the appellants also not justifiable. 5. The Ld. A.O. has erred....

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.... assessee invoked the provisions of section 50C of the Act and made addition of Rs. 24,880/-. (iii) Further as per the books of account of the assessee, there was a credit balance of Rs. 11,50,000/- standing in the name of Sri Kaliketi Bhaskar Reddy. In the absence of details, the genuineness and creditworthiness of the creditor could not be established. Therefore, the Ld. A.O. made addition of Rs. 11,50,000/-. (iv) During the relevant assessment year, the assessee had made certain deposits in his SBI account (Rs. 2,87,000/-) and Axis Bank account (Rs. 10,72,000/-). Considering the discrepancies in the books of account vis-à-vis. bank accounts and in the absence of proper explanation by the assessee, the Ld. A.O. br....