2022 (1) TMI 87

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....n of A.O. in reopening assessment u/s. 147 of the Act in as much as procedure laid down by hon. SC in case of GKN Driveshafts, 259 ITR 19 is not followed, by not providing reasons recorded & further not issuing mandatory notice u/s. 143(2) of the Act. 2) Learned CIT(A)-Gandhinagar has erred in confirming the addition of Rs. 10,58,000/- made by AO u/s. 68 of the Act being cash deposited in Oriental Bank of Commerce, Unjha Branch. 2.1 Credits in Bank A/c cannot be taxed as income by invoking Sec 68 since bank A/c is not books of A/c. Appellant do not maintain books of Accounts. 2.2 The deposit in bank A/c is from explained source. 3) The assessee craves for liberty to amend, modify and add any grounds of ap....

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.... The Assessing Officer issued notice under Section 142(1) of the Act on various dates which were though served no response by the assessee or his AR was received. Therefore, the Assessing Officer proceeded under Section 144 of the Act thereby making addition of Rs. 10,58,000/- as unexplained income under Section 68 of the Act. 5. Being aggrieved by the Assessment Order, the assessee filed appeal before the CIT(A). The CIT(A) dismissed the appeal of the assessee. 6. The Ld. AR submitted that additional ground no. 1 is not pressed. 7. As regards ground no. 2, the Ld. AR submitted that the assessment framed by the Assessing Officer is without jurisdiction as the case was transferred from the Assessing Officer, Unjha by order of CIT Ga....

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....een reflected in the bank statement and thus when cash deposits/withdrawals has been done the said amounts were reflected in the bank account of the assessee. Thus, the source was very much explained before the CIT(A). 11. We have heard both the parties and perused all the relevant materials available on record. At the time of hearing and after going through the order of the CIT(A), it emerges that the details of IPOs were not produced before the CIT(A) and before the Assessing Officer. The cash deposits and its source as well as related supporting evidences were not produced by the assessee before the Assessing Officer as well as before the CIT(A). The assessee has filed additional evidence before us. Therefore, it will be appropriate t....