2023 (11) TMI 987

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....declaring income of Rs.. 3,32,170/-. The case was selected for limited scrutiny for the reason "Large value of cash deposited during demonetization period as compared to returned income". Accordingly, notices u/s. 143(2) and 142(1) of the Act along with the questionnaire were issued and served on the assessee. It is relevant to note that assessee is an NRI. In response, assessee submitted the relevant details through e-portal as well as in Tapal. 3. After considering the submissions of the assessee, Assessing Officer observed that assessee derives Income under the head income from house property and Income from Other Sources. Further, he observed that during the year it was noticed that assessee has deposited cash of Rs.. 21,00,000/- in ba....

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....sited by the assessee do not match. 5. Assessing Officer has issued show cause notice dated 30.5.2019 asking the assessee to explain about the non-matching of currency notes withdrawn and deposited and also the assessee was asked to submit the details of contractors, contact number, address, PAN etc., and also if there is any documentary evidences like agreement, receipt etc., for the said contract. In response assessee filed its submissions vide letter dated 14.06.2019 and 26.06.2019. After considering the submissions of the assessee the Assessing Officer rejected the submissions made by the assessee and proceeded to make the addition of Rs.. 21,00,000/- u/s. 69 of the Act with the following observation: - "5.5 The assessee claimed that....

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....er of Income Tax (A) has erred in law and in facts by passing the impugned order in violation of Principles of Natural Justice. 2. The Learned Commissioner of Income Tax (A) has erred in law and in facts in upholding the order passed by the Assessing Officer which is illegal and Bad in Law. 3. The Learned Commissioner of Income Tax (A) 57 has erred in dismissing the appeal and confirming the addition of cash deposit amounting to Rs. 21,00,000/- as income u/s 69 A of the I.T. Act, 1961 made by the assessing officer 4. The appellant prays that the addition of Rs. 21,00,000/- be deleted. 5. The appellant craves leave to add or alter or delete or amend any grounds of appeal. 8. Further, assessee also filed additional ground with a....

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....ade by the assessee on 07.11.2016 and 08.11.2016 and subsequently assessee has deposited Rs.. 21,00,000/- on 11.11.2016 and brought to our notice Page No. 2 of the Assessment Order. Further, he submitted that assessee has raised additional grounds of appeal, Ld.AR submitted that assessee has a right to claim the treaty benefit. In this regard he brought to our notice Page No. 19 of the Paper Book which is the tax treaty between Indo - Kuwait and in particular he brought to our notice Article 22 relating to other income. Further, he brought to our notice decision in the case of ITO v. Rajeev Suresh Ghai in ITA.No. 6290/Mum/2019 dated 23.11.2021 and brought to our notice the ratio of the decision in Para No. 10 to 15 of the order. He submitte....