2022 (7) TMI 937

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....red in not granting proper, sufficient and adequate opportunity of being heard to the Appellant while framing the appellate order. 1.2 It is submitted that, in the facts and the circumstances of the case, and in law, the appellate order so framed be held as bad and illegal, as: (i) The same is framed in breach of the principles of natural justice; and (ii) The same is passed without application of mind to the facts and the submissions brought on record by the Appellant. WITHOUT PREJUDICE TO THE ABOVE 2. UNEXPLAINED INVESTMENT U/S. 69 [Rs. 14,98,995/-] 2.1 The Ld. CIT(A) erred in confirming the action of the A.O. in making addition, to the extent of Rs. 14,98,995/- out of Rs. 22,52,600/-, u/s. 69 of the Act on account of alleged ....

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....reflected. Hence, notice u/s. 133(6) was issued to the Corporation Bank, Yogi Nagar Branch, Mumbai to confirm whether any cash deposit of Rs. 13,60,500/- was appearing in the assessee's bank account. Corporation Bank informed in reply that the assessee had another bank a/c No. 064800101015067 in which cash deposit of Rs. 13,60,500/- have been made. In this backdrop, a show cause notice was issued to the assessee to explain the source of cash deposit in her bank account. The assessee then submitted the copy of bank statement of the earlier not disclosed bank a/c with Corporation Bank, account maintained with SBI Borivali Branch and account maintained with Bank of Baroda, Shimpoli Branch. The bank account with Bank of Baroda was not discl....

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....000/- which totaled up to Rs. 19,62,105/- The balance sheet and P & L account for AY 2014-15 and balance sheet of 31.3.2013 was filed. It was noted that cash on hand as on 31.3.2014 as per the Balance Sheet filed is Rs. 68,145/- The sales as per the P & L account is only Rs. 5.72 lakhs on which profit of Rs. 1.28 lakhs is shown. The returned income is Rs. 218,530/- and no tax is payable. It was claimed that cash on hand as on 31.3.2013 was Rs. 7,53,605/-. 4.3. The learned AR was asked to file (i) copy of bank statements of all the bank accounts held by the appellant, file copy of return of income, computation of income, balance sheet, capital a/c and receipts & payments account and trading a/c for AY 2010-11 to 2014-15. (ii) Statement....

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....ed cash book/statement for AY 2014-15 for verification. The same was not filed. 4.5. There are no details filed of debtors and advances claimed to be returned and the same remains unverified. In any case the volume of trade in home made products do not support such large debtors and advances. The balance sheet as on 31.3.2013 shows cash on hand of Rs. 7,53,605/- There is no explanation as to why large cash balance on hand was built up disproportionate to drawings or business. Further why the same was deposited in bank not at one go but later and spread out over the year. This is certainly doubtful. At best this can be considered as the source of cash deposits in bank. The addition is sustained at Rs. 14,98,995/-. The grounds of appeal are....