2023 (3) TMI 214

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....in law, wrong on facts and against the principles of natural justice. 2. That the CIT (Appeals) has erred in law and on fact, in confirming the order of assessment under section 147/143(3) of the Act, in sustaining the reopening action under section 148, where reasons recorded for the reopening of the assessment are silent on the following vital issues: a. Contents of information available to AO and b. Mere cash deposits are treated to be equivalent to income escaping assessment. 3. That the CIT (Appeals) has erred in law and on fact, in confirming the order of assessment under section 147/143(3) of the Act, in initiating proceedings under section 147 of act in holding that there existed relevant material which could lead to formati....

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....of examination of source of the source of the donors ignoring the vital facts that a sum of Rs. 5,00,000/- which was stated to be deposited by the father in his bank account on dated 06-01-2011 was out of the earlier cash withdrawal from the same account amounting to Rs.10,00,000/- and a sum which was stated to be deposited by the sister in her bank account on dated 17-02-2011 was out of the FD mature and other sum received through the banking channel only. 7. That the CIT (Appeals) has erred in law and on fact, in confirming the order of assessment under section 147/143(3) of the Act, in making the addition made of Rs.14,00,000/- towards cash deposited in bank account under section 69A of the act without appreciating the fact that the ap....

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.... the authorities below. 6. On careful consideration of rival submissions, I note that the Assessing Officer has made addition in the hands of assessee on account of cash deposited to the bank account of assessee maintained with Corporation Bank. The first deposit of Rs. 9 lakh was made on 17.02.2018 and second deposit of Rs. 5 lakh was made on 01.03.2018 these facts are clearly discernable from the copy of the passbook of assessee bank account with Corporation Bank. Further from the copy of the bank passbook pertaining to Smt. Jyoti Rathi, I also note that the sister of assessee has withdrawn Rs. 12,30,000/- on 17.02.2011 and thus I am agree with the contention of the Ld. AR that the amount of Rs. 9 lakh despotised by the assessee to his b....