TaxTMI 
TaxTMI 
2024 (6) TMI 207
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....-14, the assessee has filed this appeal on following grounds: 1. The Ld. CIT(A)-NFAC erred on facts and in law in upholding the order of the AO even though the proceedings u/s 147 r.w.s. 148, 149, 151 and 153 of the Act had already been barred by limitation and there was no compliance of statutory provisions. 2. The Ld. CIT(A)-NFAC erred on facts and in law in confirming action of AO invoking provisions of section 69A of the Act with reference to transactions already recorded in the books and without disputing the correctness of books u/s 145 of the Act. 3. The Ld. CIT(A)-NFAC erred on facts and in law in confirming addition of Rs. 16,18,317/- u/s 69A in respect of cash deposited in the regular bank accounts. 2. The background fac....
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....e a detailed submission which is re-produced in Para 4 of order of first-appeal passed by CIT(A). However, the CIT(A) rejected assessee's all arguments and dismissed appeal. Still aggrieved, the assessee has come in next appeal before us. 3. Before us, Ld. AR for assessee submitted that although he does not have copy of the reasons recorded by AO for re-opening assessment but the 'Annexure' attached to notice dated 29.06.2021 u/s 142(1) issued by AO (Copy at Page No. 20 of Paper-Book) reads as under: 4. Ld. AR submitted that the reason of re-opening is clearly discernible from noting made by AO in the above re-produced 'Annexure' to notice u/s 142(1), according to which the AO received information from DDIT, Ujjain that the assessee had m....
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....ssessee) filed by assessee to Income-tax Department with return of income, copy at Page No. 4-17 of Paper-Book. Ld. AR referred Page No. 16 where a schedule of the audited financial statements titled "Cash and Bank" is filed by assessee to AO, which shows bank balance of Rs. 1,27,669/- as on 31.03.2013 (last date of the financial year 2012-13 relevant to AY 2013-14 under consideration). Ld. AR carried us to the a/c statements of different banks filed by assessee to lower-authorities and also placed in the Paper-Book, to show the break-up of the balance of Rs. 1,27,669/-: Paper Book Page No. Bank A/c Balance 66-83 HDFC Bank, Ratlam, A/c No. 17758730000027 74,529.05 84-85 State Bank of India, Ratlam, A/c No. 63051714144 844.00 86-8....
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....tted that the CIT(A) has, however, merely upheld AO's order, relied upon certain judicial rulings which were related to demonetization period and thereby dismissed assessee's first-appeal which is not correct. 8. With this submission, Ld. AR concluded that the impugned HDFC Bank A/c was already included in assessee's accounts and therefore the transactions of deposits made therein were duly incorporated in assessee's books. And the ICICI Bank A/c was not related at all to AY 2013-14 under consideration. Therefore, not only the re-opening done by AO on the basis of borrowed information received from DDIT, Ujjain is bad but the addition made by AO is also bad on merit. 9. Per contra, Ld. DR for revenue strongly supported the orders of lower....
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....ocuments held in Paper-Book to which our attention has been drawn. The assessee's claims in present- appeal are two-fold, namely (i) the AO's action to re-open assessment u/s 147 is invalid; and (ii) the AO's action to make addition of Rs. 16,18,317/- u/s 69A is also bad. So far as claim (i) is concerned, we agree with Ld. DR's submission that the AO can very well receive information from DDIT, Ujjain and after consideration of such information, the AO could validly re-open assessment if he has reason to believe that any income has escaped assessment. In the present case, the AO has received information from DDIT indicating that the assessee could not explain sources of deposit in bank a/c, this information duly considered by AO could be su....