TaxTMI 
TaxTMI 
TaxTMI 
2023 (10) TMI 1027
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....s and circumstances, the AO erred in law in assuming such cash deposited at Rs. 25,00,000/- against correctly Rs. 12,91,884/-." Application of assessee seeking condonation of delay: - 2. I have heard arguments of both the sides on the application of assessee seeking condonation of delay of 295 days in filing appeal before the Tribunal. 3. The Ld. AR submitted that the case was fully taken care of by Shri Gaurav Goel, Bulandshahr and in Form No.35 the e-mail address of said representative was mentioned for communication. He further submitted that after filing appeal before the Ld.CIT(A) no communication was received by Shri Gaurav Goel and the assessee was not aware of passing impugned first appellate order and its communication. The Ld. AR submitted that when the assessee received penalty notice dated 22.02.2023 then he contacted to Shri Gaurav Goel but he refused to handle the matter for the reasons best known to him. Under such circumstances present AR was engaged to handle the penalty case. The Ld. AR further submitted that while preparing the penalty appeal the AR on examination of ITBA portal of assessee came to know that the quantum appeal of the assessee has been dismisse....
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....ssee and his wife equally. The Ld. AR also submitted that out of total deposit of Rs. 24,96,274/- the assessee deposited Rs. 12,91,883/- and remaining amount of Rs. 12,08,116/- was deposited by his wife Smt. Shalini. The Ld. AR submitted that the cash pertaining to wife of assessee amounting to Rs. 12,48,137/- was first taken into cash book of assessee on 08.11.2016 and thereafter, the same was deposited to the home loan account in two installments viz. first of Rs. 14,46,274/- on 10.11.2016 and second on 12.10.2016 of Rs. 10,50,000/-. The Ld. AR submitted that the assessee during the assessment and first appellate proceedings submitted all relevant documentary evidences establishing the source of cash deposits by submitting complete cash book of assessee, affidavit dated 19.12.2019 of father of assessee Shri Kalu Mal stating Rs. 20,000/- per month given by father to the assessee, ITR acknowledgement of father Shri Kalu Mal showing returned income of Rs. 5,82,894/- for AY 2017-18, confirmation of wife showing returned income of Rs. 4,68,820/- for AY 2017-18, joint home loan account and home loan repayment schedule shows that assessee, his father and his wife has sufficient income d....
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....eiving cash salary and cash capital withdrawal from partnership firm in this era of banking transaction. However, on being asked by the Bench the Ld. Sr. DR did not dispute that the correct figure of cash deposit to the joint home loan account was Rs. 24,96,274/- out of which Rs. 12,91,883/- were deposited by the assessee out of cash in hand as per cash book and remaining amount of Rs. 12,08,116/- was deposited by Smt. Shalini which was explained to the AO during assessment proceedings vide letter dated 28.11.2019 which has also been extracted and reproduced in the assessment order. 11. In the present case, the assessee, his wife Smt. Shalini and his father Kalu Mal are Income tax payee and continuously filing return of income showing sufficient income. The affidavit of Shri Kalu Mal copy of which is available at page 24 of assessee's PB 1 shows that Shri Kalu Mal had given cash gift of Rs. 20,000/- per month during FY 2016-17 totaling to Rs. 2,40,000/-. From copy of his return of income available at page 25 shows that his returned income for the relevant year was Rs. 5,82,894/- whereas the total cash gift was only Rs. 2,40,000/- for the relevant period. Therefore, the authorities....
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....ssessing Officer did not make any inquiry regarding the correct fair market value of the land. In support of the contention that if inquiry is not made by the assessing authority the assessment is vitiated, learned counsel for the assessee has placed reliance on the judgment of the Hon'ble Delhi High Court rendered in the case of CIT Vs. Lubtech India Ltd. (2009) 311 ITR 175 (Del). Further reliance was placed on the judgment of the Hon'ble Allahabad High Court rendered in the case of Dinesh Kumar Mittal Vs. ITO (1992) 193 ITR 770 (All). He further submitted that the learned CIT(Appeals) to fill the legal lacuna, regarding assessment made u/s 69C, arbitrarily replaced Section 69B in place of Section 69C, as mentioned in the assessment order. Therefore, he submitted that the action of the learned CIT(Appeals) tantamount to assess a new source of income not forming part of the assessment order. Learned counsel for the assessee placed reliance on the judgment of the Hon'ble Delhi High Court rendered in the case of CIT Vs. Sardari Lal & Co. (2001) 251 ITR 864. Further reliance was placed on the decision of Hon'ble Delhi High Court in the case of CIT Vs. Union Tyres (1999) 240 ITR 556 (D....
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....de to ascertain the value of any investment referred to in Section 69 or Section 69B or the value of any bullion, jewellery or any other valuable article referred to in section 69A or Section 69B of the Act. There is conspicuous exclusion of Section 69C. In the present case, reference u/s 142A was not made regarding ascertaining the correct market value of the investment in property. But, it was in fact for the purpose of ascertaining expenditure which the assessee made on the purchases. I find merit into the contention of the assessee that the reference to DVO u/s 142A for the purpose of Section 69C is not valid. 6. Now coming to the question regarding action of the learned CIT(Appeals) to treat the reference u/s 142 for the purpose of Section 69B, I find merit into the contention of the assessee that there is no power conferred upon the learned CIT(Appeals) to assess a particular item under different provision of the Act what the Assessing Officer had done without giving a specific notice to the assessee regarding such action. The Revenue has not brought any material to suggest that the assessee was put to notice by the learned CIT(Appeals) before taking such action. I am of th....