AI OCR 
TaxTMI 
TaxTMI 
TaxTMI 
2022 (9) TMI 991
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....f acts and in the circumstances of the case as well as on the subject, the learned Commissioner of Income Tax (Appeals) has erred in confirming the action of the Assessing Officer in re- opening the assessment u/s 147 of the Income Tax A ct, 1961 and issuing notice u/s 148 of the Income Tax Act, 1961. 2. On the facts and in the circumstances of the case as well as on the subject, the learned Commissioner of Income Tax (Appeals) has erred in confirming the action of the Assessing Officer in making addition of Rs. 27,98,735/- on account of credit entries through cash deposit or clearing in Bank account treated as alleged unexplained cash credit u/s 68 of the Income Tax Act, 1961. 3. On the facts and in the circumstances of the case as well as on the subject, the learned Commissioner of Income Tax (Appeals) has not provided the ample opportunities to hear the case, hence the case may please be allowed and set aside to the CIT(A), Surat. 4. It is therefore prayed that the above addition may please be deleted as learned members of the tribunal may deem it proper. 5. Appellant craves leave to add, alter or delete any ground(s) either before or in the course of the hearing of the ....
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....issions has submitted that the assessee has not received various notices issued by the assessing officer. All the notices were sent by the Assessing Officer at the old address mentioned in his bank account. Actually at that time, the assesse was residing at 87, Rivera Bungalow, Mota Varachha, Surat. The assessee has not received any notice as the said house was lying locked/closed. The Assessing officer issued only final show cause notice at new address as well as old address dated 04/02/2016. Before, the assessee could furnish any detail, the Assessing Officer passed the assessment order on 15/02/2016 by making huge additions. The assessee further stated that this account was used for his business of retail and wholesale trade in Sarees and dress material. Cash deposited in cash to retail customers and cheques were out of wholesale business. The assessee deposited some of the amount in bank against the requirement of fund for clearing against the purchases. During the relevant period under consideration, the net income of assessee was below the taxable limit, hence he has not filed any return of income. The assesse has taxable income from A.Y. 2011-12 and duly filed return of inco....
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....hat the assessee does not want to press ground No. 1 of the appeal with regard to quantum assessment, on which the ld. Sr. DR for revenue has raised no objection, therefore, considering the submissions of the Ld. A.R of the assessee, we dismiss the ground No. 1 of appeal as not pressed. 8. Ground No. 2 relates to addition on account of credit in the bank account. The ld. AR of the assessee submits that the assessee was doing a small business of Sarees and dress material. The assessee was not having sufficient income and the income earned by assessee was not taxable income, thus the assessee has not filed any return of income in A.Y. 2008- 09. The assessee expanded his business in subsequent years and started filing return of income. The case of assessee was reopened on the basis of AIR information. During the assessment, no notice of Assessing officer was received. Only one notice of Assessing Office dated 04/02/2016 was received. Before assessee could reply, the Assessing Officer passed assessment order on 15/02/2016. Though, there was sufficient time with the Assessing Officer to pass the assessment order till 31/3/2016. Before the ld. CIT(A), the assessee contended similar subm....
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....aintaining savings bank account. 10. We have considered the rival submissions of both the parties and have gone through the orders of the lower authorities carefully. We find that the Assessing Officer made addition of entire credit entries reflected in the savings bank account with Varachha Co-Operative Bank, Surat. The Assessing Officer added the aggregate of entire entries of Rs. 27,38,735/-. Before the ld. CIT(A), the assessee stated that no notice issued by the Assessing Officer was served upon the assessee except notice dated 04/02/2016 and that before the assessee could file reply, assessment order was passed on 15/02/2016. The assessee also stated that he is engaged in the business of Sarees and dress material and was not having sufficient income which is taxable as per the provisions of Income Tax Act. The assessee also stated that the Assessing Officer has added the entire credit without considering the debit entries. The assessee prayed that either peak credit or deemed income under section 44AD may be added. 11. We find that the ld. CIT(A) instead of considering the alternative contention of the assessee that either the peak credit or presumptive income under Section ....