TaxTMI 
TaxTMI 
2022 (6) TMI 897
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....er passed u/s. 144 of the Income-tax Act, 1961 ( in short, the 'Act') by ITO, Ward-3(3). Bankura on 18-11-2020 for the A.Y under consideration, whereby a sum of Rs. 20,67,821/- and Rs.13,00,000/- u/s. 69A r.w.s 115BBE of the I.T Act, 1961 . 2. At the time of hearing the registry has informed that the present appeal is time barred by 39 days. The assessee prayed for condonation of the delay by submitting the affidavit which is placed on record. We after perusing the affidavit as well as material available on record we find that merit in the contention of the affidavit given by the assessee and keeping the larger interest of justice, we condone the delay and admit the appeal for adjudication. 3. The assessee has raised the following grounds....
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....ection 144(1) to gather relevant material and to make assessment of the total income to the best of judgment of Ld.AO proceedings in ITBA has been initiated by issuance of said notice u/s. 142(1) of the Act fixing the date of hearing on 19- 07-2019 with questionnaire to explain the source of said deposit with computation of total income, but no compliance has been made by the assessee. Letter u/s. 133(6) dt. 06.05.2019 were issued to the respective branches. In response to which, said authority has sent compliance. The Ld. AO found during the AY in question total cash credit/deposit and credit on transfer along with cash deposit in demonetized note during the period demonetization are as follows:- Name of the Bank & Branch Account No. Am....
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....wo views cannot be taken in respect of same bank deposits/bank transaction and 50% of such whole deposits made by the assessee in his bank account required to be treated as professional income of assessee. 8. On the other hand, the Ld. Departmental relied on the order of the ld. CIT(A) and lower authority (Ld.AO). 9. We after hearing the rival submissions and material available on record, are of the view that since the Ld. AO had taken two views in respect of same transaction/bank deposits made by the assessee, one pre-demonetization period deposits, which he treated as income from profession of the assessee and 50% of such deposits treated as income from profession. On the other hand, deposits of Rs. 13,00,000/- made post demonetization ....