2014 (10) TMI 1062

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... the revenue is barred by limitation by 352 days. However, the revenue has not filed any petition explaining the reasons for the delay. Though the registry has sent a defect memo in this regard, yet the same has not been rectified so far. Under these circumstances, we have no other option but to dismiss the Cross objection in limine, as unadmitted. 3. In the appeal filed by the assessee, six grounds have been taken. However all of them are directed against a single issue, i.e., with regard to the validity of additions made u/s 68 of the Act. 4. The facts relating to the issue are stated in brief. The assessee is engaged in the business of trading in engineering tools, hardwares etc. He filed his return of income for the year under con....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... unexplained cash credit u/s 68 of the Act and assessed the same accordingly. 5. The AO also noticed that the assessee has maintained another account with Karnataka Bank, wherein the aggregate deposits made was found to be Rs.12.91 lakhs and the aggregate withdrawals made was Rs.9,40,000/-. The AO treated the difference between the deposits and withdrawals, viz., Rs.3,51,000/- as unexplained cash credit u/s 68 of the Act and assessed the same accordingly. 6. In the appellate proceedings before Ld CIT(A), the assessee furnished the names and addresses of the parties from whom, he has claimed to have received funds. Hence, the Ld CIT(A) called for a remand report from the assessing officer. Though the assessing officer sent a remand rep....