TaxTMI 
TaxTMI 
2024 (5) TMI 765
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....ection 143(3) of the Income Tax Act, 1961 (hereinafter referred to as 'the Act') relating to the Assessment Year 2017-18. 2. The brief facts of the case is that the assessee is an individual and deriving pension income from ONGC. For the Asst. Year 2017-18, the assessee filed his Return of Income on 01.08.2017 declaring total income of Rs. 26,450/-. The return was taken up for scrutiny assessment as huge cash deposit of Rs. 25,86,500/- made during demonetization period and issued a show cause notice u/s. 143(2) dated 24.09.2018. The assessee filed a reply on 03.10.2018. Thereafter a notice u/s. 142(1) dated 10.05.2019 was issued asking various details and a reminder sent on 14.11.2019. 2.1. In response, it is informed through assessee's e....
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....to be owner of cash deposited bank accounts even though amount so deposited in the bank account do not belong to the appellant but belonged to third parties. 3. The Ld. CIT(A) erred on facts and in law in upholding addition of Rs. 2,08,500/- made u/s 69A r.w.s. 115BBE by treating the same to be unexplained investment even though source of cash deposit in the bank account was explained. 4. The Ld. CIT (A) erred on facts and in law in uploading the action of the Assessing Officer invoking deeming provisions u/s 69A and applying higher rate of taxation thereon u/s 115BBE without appreciating that appellant was subjected to search and seizure action much before the introduction of Taxation Laws (Second Amendment) Act, 2016 w.e.f. 15-12- 201....
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....sessment order and issuing demand notice u/s. 156 of the Act, the Ld. A.O. has mentioned only the name of the deceased assessee and not that of the legal heir who was on record before the Assessing Officer. It is well settled principle of law, when the A.O. did not substitute the name of the legal heir and proceed to make an assessment in the name of the deceased person, is in valid in law as held by the Hon'ble Supreme Court in the case of PCIT Vs. Maruti Suzuki India Ltd. reported in (2019) 416 ITR 613 (SC) wherein it is held as follows: "Despite the fact that the assessing officer was informed of the amalgamating company having ceased to exist as a result of the approved scheme of amalgamation, the jurisdictional notice was issued only....