2022 (6) TMI 941

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....) r.w.s. 147 of the Act on 30.03.2016. The assessee has filed concise grounds of appeal which read as under: - 1. For that the order of the Commissioner of Income Tax (Appeals) is contrary to law, facts and circumstances of the case to the extent prejudicial to the interest of the appellant and at any rate is opposed to the principles of equity, natural justice and fair play. 2. For that the Commissioner of Income Tax (Appeals) failed to appreciate that the order of the Assessing Officer is without jurisdiction. 3. For that the reassessment is bad in law. (Additional Ground) 4. For that the Commissioner of Income Tax (Appeals) failed to adjudicate the grounds raised challenging the validity of reassessmen....

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....s evident, the assessee is aggrieved by confirmation of addition of Rs.20 Lacs. The same stem from the fact that the assessee deposited aforesaid amount in Savings Bank Account held with ICICI Bank under the joint name with his spouse. The deposits are stated to have been sourced out of land purchase advance received back on cancellation of the agreement. 2. Drawing attention to the legal grounds, Ld. AR submitted that the reasons for reopening were not provided to the assessee. The Ld. AR also assailed the additions on merits. The Ld. Sr. DR, on the other hand, justified the reassessment proceedings as well as quantum additions. Having heard rival submissions, our adjudication would be as under. 3.1 The assessee is stated to be a res....

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....ng the period 01.08.2009 to 17.07.2010 which has been tabulated in para- 13 of the order. However, upon perusal of the withdrawal and payment, Ld. AO came to a conclusion that the assessee was not able to substantiate the claim with material evidence for the source of advance made out of accumulated savings / cash in hand. The withdrawals as stated to be made by the assessee were found to be not cash withdrawals and the same could not be held to be used to make the aforesaid payments of Rs.20 Lacs. Finally, only an amount of Rs.4 Lacs was to be accepted and the balance amount of Rs.16 Lacs was added to assessee's income as unexplained cash credit. 3.3 The assessee held another bank account with Indian Overseas Bank wherein the assessee h....