2024 (9) TMI 632

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....(NFAC), CIT (Appeals), Mumbai has erred in passing the impugned order dated 30.11.2023 under section 250 of the Act without providing personal hearing to the appellant thereby grossly violating the principles of Natural Justice. 2. In the facts and circumstances of the case and in law the Learned National Faceless Appeal Centre (NFAC), CIT (Appeals), Mumbai has erred in sustaining the addition of Rs. 54,50,000/- being cash deposits as unexplained cash credit under section 68 of the Act. 3. In the facts and circumstances of the case and in law the Learned National Faceless Appeal Centre (NFAC), CIT (Appeals), Mumbai has erred in sustaining the addition of Rs. 54,50,000/- being cash deposits during demonetization period ignoring the fac....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ed that said letter dated 30.09.2016 shows that cash received against cheques issued for donation was available with the assessee during demonetization period and same was deposited into bank. But, the Assessing Officer asked the assessee by way of show cause notice dated 01.12.2019 for substantiating the claim of cash received from various trusts in lieu of bogus donations by providing documentary evidences as against verbal claim, but the assessee failed in doing so. Accordingly, the Assessing Officer rejected the contention of the assessee and made addition u/s 68 of the Act following the decision of the Hon'ble Bombay High Court in the case of Shri Arunkumar J Muchhala v. CIT, [2017] 85 taxmann.com 306 (Bombay). 3. On further appeal, t....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... adjournment application was filed on behalf of the assessee. In the circumstances, we were of opinion that the assessee is not interested in pursuing the appeal and therefore, the appeal is adjudicated after hearing arguments of the Ld. Departmental Representative (DR) and examination of material available on record. 4. 5. The main issue in dispute in the instant case is the source of the cash deposit of Rs.54,50,000/-. The assessee contented that he had made certain donations to few trusts engaged in research activity in assessment year 2009-10, 2014-15 and claimed weighted deduction for same u/s 35AC of the Income-tax Act, 1961(In short 'the Act'). The relevant table of the donations is available in para 6.2 of the assessment order, wh....