TaxTMI 
TaxTMI 
2022 (8) TMI 577
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....me of the assessee was income from salary and income from other sources. The assessee was a partner in a partnership firm by name Siddivinayaka Ventures and as partner he received salary of Rs.3,60,000/-. In the course of assessment proceedings, the AO issued several notices to the assessee and the assessee did not respond to any of these notices. These have set out in para 4 of the Order of Assessment. The AO finally proceeded to frame an ex-parte assessment under section 144 of the Income Tax Act, 1961 (Act). The AO noticed that the assessee had a bank account in Canara Bank, Account No.0647101057607 According to the AO, there were cash deposits of Rs. 5,22,971/- and other credits of Rs. 8,32,179/- into this bank account. The AO also foun....
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....able article, or the explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory, the money and the value of the bullion, jewellery or other valuable article may be deemed to be the income of the assessee for such financial year." 4. According to the AO, the assessee is found to be the owner of money/cash deposited into the bank accounts. There are no books of account submitted by the assessee in support of return of income filed. The assessee offered no explanation about the nature and sources of the acquisition of money deposited into bank accounts, as discussed above. Therefore, the provisions of section 69A of the Act are clearly applicable in to the case. With the aforesaid observations, the AO brought t....
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....ital of Rs.10.00,000/- in the partnership firm in which he was partner. According tt5 the Assessing Officer, out of Rs.10,00,000/- only Rs.5.00.000/-was through assessee's banks account. The remaining sum was not explained before the Assessing Officer. 7.3.1 Coming to documents filed by assessee. it is seen that the car refinance of Rs.6,00,000/- is not a part of credit appearing in account maintained with Canara Bank. The purported loan confirmations mentioned at Para 7.2 of this order cannot be treated as authentic. They were given on written plain paper without addresses and full names of alleged loan givers. Even the PANs are not available in some of the confirmations. Identity. creditworthiness and genuineness of transacti....
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....article or thing and therefore the first condition for invoking the provisions of Sec.69A of the Act, does not stand satisfied. 9. Though, I have expressed the opinion that the conditions for invoking the provisions of Sec.69A of the Act, are not satisfied in the present case, nevertheless, I will proceed to examine each one of the credit entries in the bank account based on which the addition was made by the AO. These entries are as follows: Details of credit entry in the bank account based on which additions were made by the AO are as follows: Rs.8,56,470 (credit entries in the bank account) + Rs.5 lacs (capital contribution of the Assessee to the firm Siddivinayaka Ventures): Total addition of Rs.13,56,470: Name of Party ....
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.... Lingfin (Bangalore) Pvt. Ltd., - Rs.5,90,500/- : In so far as this person is concerned, it is a Pvt. Ltd., company. The assessee has approached the aforesaid company for loan to buy a Duster vehicle. The finance company has sanctioned loan of Rs. 6 lakhs. This finance company approached Axis Bank for a refinance and Axis Bank ultimately gave the finance company a sum of Rs.5,92,579/-. Out of the said sum they gave a sum of Rs.5,90,500/- to the assessee by way of RTGS and this entry appears in the assessee's passbook on 18.02.2017. The payment has come through banking channels. The document evidencing taking loan of Rs.6 lakhs from Axis Bank was filed before the CIT(A) but the CIT(A) did not take cognizance of the same, on the plea that ....
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....efore us, Mr. Venka Reddy has filed a confirmation confirming that he had given unsecured loan to the assessee through banking channels as follows: Date Amount (Rs.) 19/09/2016 96,890 20/09/2016 3,000 30/01/2017 49,948 TOTAL 1,49,838 In the light of this evidence, I am of the view that this credit also stands explained satisfactorily. v. Mr. Ashwin : The Assessee filed confirmation before the CIT(A) that he had given unsecured loan to the Assessee. The CIT(A) did not accept the said confirmation on the ground that it was handwritten on a plain paper. As far as the aforesaid payment is concerned, Mr. Ashwin has filed an affidavit before the Tribunal confirming that he had made following payments through....