TaxTMI 
TaxTMI 
2023 (7) TMI 680
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....he very outset of hearing of the appeal, we may herein observe that the present appeal involves a delay of 409 days. On being confronted with the aforesaid fact the Ld. Authorized Representative (for short 'AR') for the assessee took us through a letter dated 16.06.2023. Elaborating on the reasons leading to the aforesaid delay, it was submitted by the Ld. AR that delay of 388 days (out of 409 days) pertained to the period which was covered by the order of the Hon'ble Apex Court in Suo Moto Writ Petition (Civil) No.3 of 2020 dated 23.03.2020, which thereafter was modified vide further order(s) dated 08.03.2021, 27.04.2021, 23.09.2021 and 10.01.2022. As regards the delay of balance period of 21 days, it was submitted by the Ld. AR that the s....
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.... reasons leading to the effective delay of 21 days involved in filing of the present appeal, we are of the considered view that as the same had occasioned on account of bonafide reasons which by no means could be attributed to any intentional lapse of the assessee, therefore, the same merits to be condoned. 5. Controversy involved in the present appeal lies in a narrow compass i.e., sustainability of the order passed by the Pr. CIT u/s. 263 of the Act, wherein he had set-aside the order passed by the A.O u/s. 143(3)/147 of the Act dated 10.12.2018, for the reason that he had without carrying out any enquiries and in absence of supporting documentary evidence summarily accepted the claim of the assessee as regards the source of cash deposit....
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....venue, the Pr. CIT vide his order passed u/s. 263 of the Act dated 09.03.2021 set-aside the same with a direction to the A.O to re-adjudicate the said issue after conducting necessary verifications and affording an adequate opportunity of being heard to the assessee. 8. The assessee being aggrieved has assailed the order passed by the Pr. CIT u/s. 263 of the Act dated 09.03.2021 in appeal before us. 9. We have heard the ld. authorized representatives of both the parties, perused the orders of the lower authorities and the material available on record. 10. As is discernible from the records, it transpires that though the case of the assessee was reopened for the reason that he had during the year carried out cash transactions of Rs. 13.20....
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....r of Rs. 15.63 lacs (approx.) of the said business u/s. 44AD of the Act, which had not been doubted by the A.O, therein substantiated the source of cash deposits of Rs. 13.20 lacs (supra) does not find favour with us. 12. At this stage, we may herein observe that it is not only the case of the Pr. CIT that the A.O had failed to verify the authenticity of the assessee's claim that the cash deposits of Rs. 13.20 lacs in his bank account were sourced from his business of trading of agricultural and forest produce, but also the fact that the said explanation of the assessee had been accepted by the A.O in absence of any satisfactory documentary evidence. As it is a matter of fact borne from record that the A.O while framing assessment had summ....