2023 (10) TMI 696

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....(3) r.w.s. 147 of the Income Tax Act, 1961 (hereinafter referred to as 'the Act') relating to the Assessment Year (A.Y) 2012- 13. 2. The brief facts of the case is that the assessee is an individual and Proprietor of M/s. Jagdish Centring Center engaged in the business of Rentals of Centring Materials & equipment to the Civil Contractors. For the Assessment Year 2012-13, the assessable income is below taxable limit, hence the assessee has not filed the Return of Income. The assessee case was reopened as he has made cash deposits of Rs. 14,13,684/- in four bank accounts held by the assessee. In response to the notice, the assessee filed a Return of Income declaring total income of Rs. 1,78,476/- which is below the exempt income. The asses....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....15-16. Further the assessee filed the Return of Income for the present Assessment Year 2012-13 only after issuance of notice u/s. 148. Therefore the books of accounts submitted by the assessee cannot be considered as authentic and the source of cash deposit from sale of agricultural land in the previous year is also not acceptable and therefore added the cash deposit of Rs. 14,43,684/- as the unexplained income of the assessee u/s. 69A of the Act and demanded tax thereon. 4. Aggrieved against the same, the assessee filed an appeal before Commissioner (Appeals). The Ld. CIT(A) held that only cash book was filed before him, but balance sheet, profit and loss account, capital account, business of bank transaction and proof of source of cash....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....d 31.03.2012 and copy of the Sale Deed and in support of his arguments relied upon the following case laws: (a) Smt. Teena Bethala Vs. ITO (ITA No. 1383/Bang/2019) dated 28/08/2019 (b) DCIT Vs. Karthik Construction Co. (ITA No. 2292/Mum/2016) dated 23/02/2018 (c) Shri Nikhil Nanda Vs. DCIT (ITA No. 3644/Del/2013 (d) ACIT Vs. Baldev Raj Charla 121 TTJ 366 (Delhi) 7. Per contra, the Ld. Sr. D.R. Shri V.J. Boricha appearing for the Revenue supported the orders passed by the Lower Authorities and pleaded to uphold the same does not require any interference and the appeal filed by the assessee is liable to be dismissed. 8. We have given our thoughtful consideration and perused the materials available on ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....t only in respect of such monies/assets/articles or things which are not recorded in the assessee's books of account. In the case on hand, the cash deposits are recorded in the books of account and are reportedly made on the receipt from a creditor. Further, the PAN and address of the creditor as well as ledger account copies of the creditor in the assessee's books of account have also been field before the AO. In these circumstances, it is evident that the AO has not made out a case calling for an addition under section 69A of the Act. Probably, an addition under section 68 of the Act could have been considered; but then that is not the case of the AO. The assessee, apart from raising several other grounds, has challenged the legal....