2022 (6) TMI 226

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.... as unaccounted money." 3. The assessee in the present case is a company which is engaged in the business of running a nursing home. The return of income for the year under consideration was filed by it on 31.10.2017 declaring a loss of Rs. 6,16,040/-. The case of the assessee was selected for manual scrutiny and a notice u/s 143(2) was issued on 28.09.2018 after obtaining necessary approval from PCIT-2, Kolkata. Another notice u/s 142(1) of the Act was issued on 24.01.2019 upon the assessee but the assessee did not appear. Therefore, another notice u/s 142(1) of the Act was issued upon the assessee on 02.09.2019 and in response to the notice, the assessee company furnish certain documents and details. The findings of the AO in the proce....

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....cause notice was issued upon the assessee-company for compliance on or before 13.12.2019. But the assessee-company did not respond to the same and ultimately the AO passed the following order: "All the notices were duly served upon the assessee company. All the communications were made with the assessee electronically through 'eproceeding' facility. The assess company had furnished the details of cash balance in hand as on first day of month as: Month Cash balance (in Rs.) April, 2016 12,27,909/- May, 2016 51,72,861/- June, 2016 55,11,833/- July, 2016 59,57,962/- August, 2016 61,29,324/- September, 2016 63,51,268/- October, 2016 67,75,722/- November, 2016 61,89,770/- ....

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....0,000/- withdrawn by it in cash during the month of April, 2016, was utilized for some other purpose/s and exhausted. Under the above circumstances and as the assessee's failure to explain the issue asked for through the show cause notice dated 11-12-2019, the cash amounting Rs.30,00,000/- deposited into the bank accounts during the month of November, 2016 [out of the total deposits of Rs.55,00,000/- into its bank account nos. 560131000158580 (deposited Rs.54,60,000/- in cash in this account) and 510101005356929 (deposited Rs.40,000/- in cash in this account) in the month of November, 2016] is treated as unaccounted money deposited into the bank accounts as cash credit u/s 68 of the I.T. Act, 1961 and added to the total income of t....