2023 (12) TMI 642

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.... of the Income Tax Act, 1961 (in short 'the Act'), dated 18.03.2016. 2. Grounds of appeal raised by the assessee are as follows: "1. On the facts and circumstances of the case as well as law on the subject, the learned CIT(A) has erred in confirming the action of assessing officer in reopening assessment u/s 147 of ethe Act by issuing notice u/s 148 of the IT Act 1961. 2. On the facts and circumstances of the case as well as law on the subject, the learned CIT(A) has erred in confirming the action of Assessing Officer by sustaining the addition of Rs. 13,79,000/- u/s 68 of the Income Tax Act, 1961 on account of unexplained cash credit. 3. It is therefore prayed that addition made by assessing officer and confir....

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....essee therefore, assessing officer held that the assessee could not prove the genuineness of the cash credit made in his bank account, therefore the cash credit by way of depositing in the bank account on various dates amounting to Rs. 13,79,000/- was treated as income of the assessee from his undisclosed sources and brought to tax u/s 68 of the Act. 5. The Assessing Officer also observed that as per AIR information, the assessee has made share transaction of Rs. 11,35,468/-. During assessment proceedings, the assessee was requested to explain and produce supporting evidences of above share transaction by giving ample opportunities. The assessee had not produced any books of account, bill /vouchers, statement of share transaction etc., t....

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....47/- (Rs. 13,79,000 - Rs. 10,63,953/-). The assessee is in further appeal before this Tribunal for the balance addition sustained by ld CIT(A) at Rs. 3,15,047/-. 8. I have heard the rival arguments made by both the sides and perused the material available on record. Learned Counsel argued before me that NFAC/Ld.CIT(A) has allowed set off of the assessee's net loss of Rs. 10,63,953/ against the addition made u/s 68 amounting to Rs. 13,79,000/- after setting off the net loss of the assessee, the balance amount comes to Rs. 3,15,047/- (Rs. 13,79,000 - Rs. 10,63,953/-). The balance amount of Rs. 3,15,047/- is a very small addition, which is covered by the exempted limit i.e., "maximum amount which is not chargeable to tax of Rs. 2.50 lakh", ....