2022 (6) TMI 1001

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....5,776/- made by the AO on account of unexplained cash credits in bank. 2. On the facts and circumstances of the case and in law, the ld. CIT(A) has erred in relying upon the additional evidences submitted by the assessee during the appellate proceedings without properly verifying the details and the material available on record. 3. On the facts and circumstances of the case and in law, the ld. CIT(A) has erred in allowing entire amount of Rs.15,11,85,776/- as explained including those credit amount also which could not be verified even during the remand proceedings since the enquiry letters issued by the AO at the address given by the assessee returned unserved." 3. On perusal of bank statement of State Bank of Travanco....

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....i 2,49,25,000.00 8. Linnet Creation Pvt. Ltd. 2,21,00,000.00 9. 3 S Buildcon Pvt. Ltd. 2,61,60,000.00 10. Kanodia Enterprises 5,87,504.00 11. HDFC Bank A/c Balance Cheque 1,13,433.77 12. Anil Kumar Kanodia 2,04,86,291.14 13. Cash Deposit 5,90,000.00   Total 33,27,61,319.91 8. The assessee has submitted that the total credits appearing in the bank account is Rs.33,27,61,319/- as against Rs.33,71,72,552/- reported by the Assessing Officer in the Assessment Order. Further, in order to substantiate the nature and source of funds/deposits appearing in the current account, the assessee has submitted the following additional evidences under Rules 46A. i. Copy of Pur....

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....said addition. 10. The appellant further pointed out before the ld. CIT(A) that no reasonable opportunity of being heard was given even for the reply show cause notice dated 16.12.2016 and the said show cause notice was served on the appellant on 21.12.2016 and the date of hearing was fixed for 23.12.2016, meaning thereby only two days were given for the reply of show cause. Accordingly, even if the AO would have required in the said show cause, the assessee to explain the credits in the bank account with documentary evidence, it would not have been possible for him to submit the voluminous documents in such short span of time. In this background, the assessee has pleaded that since no reasonable opportunity of being heard was given duri....

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....ndia) Pvt. Ltd., Gurgaon who confirmed the supply material made by the assessee and payment made by them for the same in the year under consideration. 14. Further, Mr. Nischint Kanodia, Director of M/s Nischint Traders Pvt. Ltd also appeared before the Assessing Officer and his statement was recorded on oath wherein he has confirmed the amount paid to M/s Ganga Traders on account of purchase of material and business advances during the year under consideration. The AO has further mentioned to have conducted field enquiry through his inspectors with respect to M/s Nischint Traders Pvt. Ltd. and M/s Nischint Foods Pvt. Ltd. 15. The inspector in his report has stated to have visited the registered address of the two companies and has con....