2022 (7) TMI 695

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....ODARA, JM : This assessee's appeal for AY 2014-15 arises against the CIT(A)-7, Pune's order dated 15-01-2019 passed in case No. PN/CIT(A)-7/Cir-14/10909/2016-17 involving proceedings under Section 143(3) of the Income Tax Act, 1961, in short 'the Act'. Heard both the parties. Case file perused. 2. Coming to the assessee's sole substantive grievance that both learned lower authorities have....

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....he said bank account. The AO therefore, held that the balance amount of Rs.13,73,000/- is deposited by the assessee and has also asked the AR to show why it should not be treated as unexplained credit in the hands of the appellant. As there was no explanation from the assessee, the AO has added the same u/s. 68 of the Act. 5. All the grounds relate to the same issue and hence disposed tog....

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.... 5.2 The submissions have been considered. It is a fact that the said account is being operated by both the son and the appellant. The AO has already verified the books of the son and found that out of the cash deposits of Rs. 28,00,000/- in the said account, the son could account only for Rs.14,27,000/-. The return filed by the son shows professional receipts of Rs.14,27,000/- only and after clai....

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....sh deposits of Rs.28 lacs which have been assessed in assessee's hands. Few clinching facts emerge from the instant case file. 4. The assessee appears to have opened the foregoing bank account in the name of his erstwhile minor son Mr. Virendra Mahadik long back. He had also furnished his PAN number at the time of his minor son's bank account opening. Mr. Jasnani vehemently argued that the l....