TaxTMI 
TaxTMI 
2022 (12) TMI 1004
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....bility to be assessed u/s 143(3) at an income of Rs.11,26,494/- and accordingly denies its liability to pay tax, interest demanded thereon. 2. In any view of the matter and in any case opening of the impugned assessment and framing of impugned assessment order are bad in law and principle of natural justice is denied and against the fact and circumstances of the case. 3. That having regard to the facts and circumstances of the case, Ld. A.O. has erred in law and on facts in making addition of Rs. 11,26,494/- on account Unexplained money u/s 69A of the Income Tax Act, without considering the material available and that too by recording incorrect and inadequate facts and findings. 4. That in any view of the matter a....
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....en filed by the assessee stating that the assessee was infected with Covid-19 and was quarantined for 14 days. Therefore, the appeal could not be filed in time. 3. Learned DR stated that there is no reasonable cause for condoning the delay. 4. I have heard rival contentions. The reason for delaying in filing the present appeal is stated that the assessee and his wife were infected with Covid-19. Therefore, looking to the facts and the condition prevalent at that point of time, I am of the considered view that there was a reasonable cause for delay in filing the appeal before the Tribunal. The delay is, therefore, condoned and the appeal is taken up for hearing. 5. Facts giving rise to the present appeal are that in this case the as....
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.... in right perspective and prayed that the impugned addition may be deleted. 7. Learned DR opposed the submissions and contended that the assessee has failed to prove that out of the withdrawal amount he had not invested the same elsewhere. He, therefore, submitted that there is no infirmity into the order of the learned CIT(Appeals) and the same should be affirmed. 8. I have heard rival contentions, perused the material available on record and gone through the orders of the authorities below. I find that the learned CIT(Appeals) has given the finding by observing as under: "5.3. The Assessment Order and the submissions of the appellant have been examined. The appellant has deposited a total cash amount of Rs. 10,96,500/- in t....
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....O. The appellant has submitted that out of the withdrawals of Rs. 16,44,000/-, after expending certain amounts for household expenses, an amount of Rs. 10,96,500/- was saved for purchase of house property. This amount in old currency was deposited in the bank accounts after demonetization. The appellant submitted various documents regarding the purchase of house property in the following year and attached soft copies of cheques, receipts, application of booking, demand letter, letter of possession, Loan Sanction letter and some invoices for interior works. 5.4 Having considered the submissions of the appellant, it is noted that the appellant has withdrawn an amount of Rs. 16,44,000/- in the last 3-4 years from his bank accounts. Af....
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.... part of the earlier cash withdrawals by the appellant from the banks. To meet the ends of justice, I consider it appropriate to estimate that 1/3rd of the cash withdrawals from banks (16,44,000) amounting to Rs. 5,48,000/- to be available as personal savings from his earlier withdrawals. The Assessing Officer is directed to allow an amount of Rs. 5,48,000/- and the addition of the remaining amount of Rs. 5,48,500/- is confirmed." 9. From the above finding of the learned CIT(Appeals) it is clear that undisputedly the assessee had withdrawn out of his bank account a sum of Rs. 16,44,000/-. Out of this amount the assessee has claimed that he had deposited a sum of Rs. 10,96,500/-. Therefore, the authorities below were not justified in conf....