TaxTMI 
TaxTMI 
2024 (7) TMI 25
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....2, Rajkot arising out of the assessment order passed under section 143(3) of the Income Tax Act, 1961 (hereinafter referred to as 'the Act') relating to the Assessment Year (A.Y) 2010-11. 2. The Grounds of Appeal raised by the Revenue are as follows:- 1. On the facts and circumstances of the case and in law, the id. CIT(A) has erred in deleting the addition of Rs.2,52,10,390/- out of addition made at Rs.2,66,60,390/- made on account of investment in bank accounts made out of income from undisclosed sources. 2. On the facts and circumstances of the case and in law, the Id. CIT(A) has erred in deleting the addition of Rs.32,82,600/- made on account of investment in flat out of income from undisclosed sources. 3. ....
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.... Crore as the undisclosed income. The Assessing Officer found that the Current Accounts in ICICI Bank, Junagadh and Dena Bank, Mangrol wherein the deposits of Rs.2.60 crores and Rs. 6.56 lakhs both totaling to Rs.2.66 crores was not explained properly added as the undisclosed income. 4.1. Similarly, the assessee purchased a flat for Rs.60 lakhs and paid stamp duty of Rs.2,82,600/- alongwith one Shri Ramesh L. Tanna (unrelated party). On issuing summons to Shri Ramesh L. Tanna, there was no response from him. Therefore the Assessing Officer made an addition of Rs.32,82,600/- and also added as the unexplained income of the assessee. The assessee made transactions in Gold Futures Contracts in MCX exchange amounting to Rs.5,33,27,400/- in 37....
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....the onus by explaining the investments in the bank accounts out of the income from undisclosed sources. In the Remand Report, the Assessing Officer specified that the facts suggests that the result of Investigation Wing of the Department that the assessee has accepted about guiding transaction in seven different bank accounts. Thus the A.O. concluded that the assessee's own money has been routed through layering in the bank accounts located in ICICI Bank, Junagadh and Dena Bank, Mangrol. In the above circumstances, Ld. CIT(A) is not correct in applying peak credit of cash deposits and restricting the addition to Rs.14,50,000/- as the income of the assessee and relied upon the following case laws: (a) Sudhir Kumar Sharma (HUF) V/s C....
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....e double addition on the very same transactions in all the assessees case, which is not permissible in law. As the appeals filed by Shri Amarbhai Bijalbhai Shamra and Shri Varjangbhai Meshurbhai Shamra are pending in Faceless Appeal presently before NFAC, this issue may be set aside back to the file of Ld. CIT(A) along with the pending appeals, thereby correct assessment of additions to be made in the hands of the respective assessee. 7.1. The Ld. CIT-DR has no objection in setting aside this issue back to the file of Ld. CIT(A), NFAC along with the other appeals pending before NFAC and also undertaken that necessary appeal details will be furnished from the NFAC portal for disposal of the present appeal. 8. Taking note of rival submi....
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....ch has transpired from the replies from both the ends was that the appellant had made an initial investment of Rs.6,00,000/- with Money Market, Baroda as margin money in the F.Y. 2008-09. It is seen that the MCX has also not confirmed for any such huge investment, in its reply to the ACIT regarding the addition made. The appellant had filed an affidavit dated 23/03/2013 during the course of assessment proceedings confirming the above facts. The assessing officer has neither considered this affidavit during the course of assessment proceedings nor in the remand report proceeding. 5.3.3 In the totality of factual matrix and in absence of any clinching evidence to prove the investment of Rs.5,33,37,400/- in future gold contract and MC....