2022 (1) TMI 371

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....ppeal filed by the assessee directed against the order of ld. Commissioner of Income Tax (Appeals)-3, Pune ['CIT(A)' for short] dated 28.10.2016 for the assessment year 2007-08. 2. The appellant raised the following grounds of appeal :- "The following grounds are taken without prejudice to each other- On facts and in law - 1. The learned CIT(A) erred in confirming the....

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....er, the Assessing Officer, on receipt of the information from the Director of Investigation that the appellant had credits in his bank account with ICICI Bank Ltd., Kothrud Branch, A/c No.003901553023 to the extent of Rs. 1,79,57,720/-, formed an opinion that the income escaped assessment and, accordingly, issued notice u/s 148 of the Income Tax Act, 1961 ('the Act') on 14.03.2014. In response to ....

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.... of Rs. 38,06,000/- was made out of opening balance or cash withdrawal etc.. It is further contended that the entire receipt of money credited to the bank account does not represent taxable income. However, the said contentions were rejected by the ld. CIT(A) for the reasons given in para 5.3.1 to 5.3.3 of his order. However, the ld. CIT(A) had remitted the issue of availability of opening balance....

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..... and the cash deposits are stated to be made out of opening balance and withdrawal of the cash from the bank. However, before the ld. CIT(A) no confirmations from the parties from whom advance was received was filed and similarly the proof as to the existence of opening cash balance as well as cash withdrawn from bank was not filed. In the circumstances, the ld. CIT(A) was justified in rejecting ....