TaxTMI 
TaxTMI 
2023 (5) TMI 1373
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....h in law and on the facts in confirming the action of the Ld. AO by making high pitch addition of Rs. 13,74,000/- on account of cash deposit made during the demonetization period (08.11.2016 to 30.12.2016) and thereby raised demand of Rs. 14,12,441/- without considering the submission made by the appellant and rejecting the explanation and requisite documents already submitted by the appellant during the course of assessment proceedings. 2. The learned CIT(A) has erred both in law and on the facts in confirming the addition of Rs. 13,74,000/- u/s.69A r.w.s.115 BBE of the Act, on account of alleged Unexplained Money ignoring the business of the appellant and/or without appreciating the fact that the same is the part of gross receipts from ....
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....esentative (ld. AR) of the assessee submits that the assessee has engaged Abhishek Bipinbhai Naik CA as consultant to represent him before the First Appellate Authority and to take necessary action. The said representative went to USA for his personal visit without intimating the assessee about the result of first appellate authority order, The said A.R. of assessee came back to India in the month of November 2022 and intimated the assessee about passing the order against the assessee by the ld. CIT(A). On coming to know, the assessee immediately took step for filing appeal before the Tribunal. The ld. AR of the assessee submits that the delay in filing appeal was neither intentional nor deliberate for the reasons that the representative wh....
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....urn was again revised on 01/08/2018 declaring income of Rs. 2,91,130/- by showing income from other sources. The case of assessee was selected for scrutiny. During the assessment, the Assessing Officer noted that the assessee has made cash deposit in his bank accounts during demonetization period aggregating of Rs. 13,74,000/-. The Assessing Officer issued show cause notice to explain the source of cash deposit with supporting evidence. The Assessing Officer recorded that the assessee has not furnished any reply/document/explanation or information to the said show cause notice. The Assessing Officer in absence of any explanation added the entire amount as unexplained and brought the same to tax under Section 115BBE of the Income Tax Act, 19....
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....tivities of assessee. No notice or summon under Section 131 or 136 of the were issued for calling information from Interactive Financial & Trading Services Pvt. Ltd. and Flight Raja Travels Pvt. Ltd. On the applicability of Section 69A of the Act, the assessee submitted that the Assessing Officer made addition under Section 69A in respect of cash deposit during demonetization period. Section 69A of the Act is not applicable in case of assessee as cash collected by assessee during the year and particularly during demonetization period was self- explanatory and does not require any further clarification because necessary evidence is like bank statement, return of income, 26AS statement were in possession of Assessing Officer. All such evidenc....
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....ppellate stage, the assessee has furnished bank account, AS-26 details and copy of agreement only. The documents are not sufficient to decide the cash source which was deposited in the bank of assessee. On such observation, the ld. CIT(A) upheld the order of Assessing Officer. Further aggrieved, the assesse has filed present appeal before this Tribunal. 8. I have heard the submissions of ld. AR of the assessee and the ld. Sr. DR for the revenue and have perused the orders of lower authorities carefully. The ld. AR of the assessee submits that the assessee has filed his return of income (revised) on 01/08/2018 declaring income of Rs. 2,91,930/-. The assessee is engaged in business of financial services and was doing his business in the name....
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....ness or transaction. The ld. AR of the assessee submits that the entire addition is liable to be deleted. To support his submission, the ld. AR of the assessee has relied upon the following decisions: (i) New Pooja Jewellers Vs ITO ITA No. 1329/Kol/2018 dated 26/02/2020. (ii) Gur Prasad Hari Das Vs CIT (1963) 47 ITR 634 (All) (iii) DCIT Vs M/s Karthik Construction Co. ITA No. 2292/Mum/2016 dated 23/02/2018. (iv) Smt. Teena Bethala Vs ITO ITA No. 1383 & 1384/Bang/2019 dated 28/08/2019 9. On the other hand, the ld. Sr. DR for the revenue submits that the assessee has not furnished any evidence in response to show cause notice before the Assessing Officer, thus, the Assessing Officer left no option but to make the addition on aggregat....