TaxTMI 
TaxTMI 
2023 (10) TMI 696
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....(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 assessee was issued a show cause to treat the cash....
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....ssuance 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 was not produced with bills and vouchers. Further the sale of land was made on 29.12.2010 during the Financi....
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....(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 record including the Paper Book filed by the assessee. It is seen from the Paper Book filed by the assessee and the reply submitted before the A.O., the assessee has clearly....
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.... 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 legality of the addition being made under section 69A of the Act. In support of the assessee's contentions, the learned AR placed reliance on the decision of the ITAT - Mumbai Bench....