TaxTMI 
TaxTMI 
2024 (10) TMI 174
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..... In this appeal, the assessee has raised the following grounds: - "1. RE-OPENING - BAD IN LAW On the facts and in the circumstances of the case and in law, the honourable Commissioner of Income-tax (Appeals)-3, Coimbatore erred in confirming the action of the learned Income-tax Officer, Ward 4(4), Thane of reopening of the assessment under section 147. 2. ADDITION ON ACCOUNT OF UNEXPLAINED MONEY U/S.69A 1. The learned Commissioner of Income-tax (Appeals) R erred in facts as well as in law in confirming the addition of Rs. 21,65,000/- made by the assessing officer on account of alleged cash transaction on the basis of loose papers found during the course of search proceedings at Swastik Group. 2. In doing so, he did not accept the....
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....r informed that during the post-search inquiries, the assessee submitted that these transactions were related to a loan from M/s Vrushi Enterprises received by the assessee in the year under consideration in the mode of cash. Thus, it was informed that the assessee has received an amount of Rs. 21,65,000 in the mode of cash from M/s Vrushi Enterprises during the relevant financial year. Accordingly based on aforesaid information notice under section 148 was issued on 30/03/2017 and proceedings under section 147 of the Act were initiated. During the reassessment proceedings, the assessee was asked to explain the unaccounted cash payment of Rs. 21,65,000 to M/s Vrushi Enterprises during the year as per repayment of the loan taken in cash. The....
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.... Cash deposits made did not bear the character of income. The assessee has filed ITR, declaring a meagre income of Rs 31560. Taxpayer has not declared its true income and has not paid taxes due thereon. The assessee has not responded to notices u/s 142(1) and show cause notices issued during E-assessment proceedings. Since the assessee failed to give any explanation about the nature and source of cash credits which is nothing but unexplained money u/s 69A of the Income Tax Act, 1961 and added to the Total Income of the assessee. The Total Income assessed is taxed u/s 115BBE of the Act at the rate of 60%. 7. The assessee explained that there is a cash flow statement prepared for the group as a whole. There is sufficient cash available with....
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....rring to page 57 of the paper book, the learned AR submitted that the entire addition of Rs. 21,65,000 is based on this loose sheet, which was found during the search proceedings on the Swastik group. By referring to the transactions mentioned to be in cash, from 05/04/2009 till 19/05/2009, the learned AR submitted that the same corresponds to Rs. 21,65,000. From the perusal of the document reproduced on page 57 of the paper book, we find that the said document does not contain the name of the assessee and only mentions "Viva College" and "Vrushi Enterprises". From the perusal of other documents which were seized from the Swastik group during the search proceedings, forming part of the paper book from pages 59-61, we find that the loose doc....
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.... find that the application filed before the Hon'ble ITSC was admitted vide order dated 26/12/2019 passed under section 245D(1) of the Act and subsequently, the order under section 245D(4) of the Act was passed by the Hon'ble ITSCon 25/09/2023. In order to substantiate the payment of tax by Sharp Realtors on the disclosure of additional income, the assessee has placed on record the details of the self-assessment tax paid and the copy of Form 26AS. We further find that all these details were also furnished before the learned CIT(A) and submission was made that the Swastik group has duly considered the amount of Rs. 21,65,000 for arriving at its taxable income while filing its application before the Hon'ble ITSC. However, we find that the lear....