TaxTMI 
TaxTMI 
2024 (10) TMI 1563
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....contrary to the provisions of section 151 of the Act as the same were not provided to the assessee, therefore notice issued and order confirming addition by CIT(A) NFAC is illegal, invalid and bad in law; 4. On the facts and circumstances the CIT(A) NFAC erred in not considering that the learned assessing officer not provided the reasons recorded for issue of notice U/s. 148, therefore consequential assessment framed U/s. 147 r.w.s. 144 r.w.s. 144B is illegal, invalid and bad in law; 5. On the facts and circumstances the CIT(A) NFAC erred in not accepting the assessee filed documents alongwith application U/s. 46A and CIT(A) NFAC has considered part reply and not the entire reply, without going into fact of the case and without considering cash book and bank book of assessee confirmed the addition, therefore passed order and same is illegal, invalid and bad in law; 6. On the facts and circumstances the CIT(A) NFAC ought to have accepted that cash book and bank statement submitted during the appellate proceedings and without considering the same confirmed addition of Rs. 1,53,31,060/- as unexplained money U/s. 69A alongwith U/s. 115BBE, the addition made i....
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....that notices under section 143(2) and 142(1) of the Act were issued to the assessee through e-proceedings portal, which were also said to have not received by the assessee. Even the notice under section 142(1) of the Act sent by Registered Post with A/D, was also said to have not received by the assessee. During the course of assessment proceedings, the Assessing Officer issued notices under section 142(1) of the Act on several occasions, however, there was no response from the side of the assessee. The Assessing Officer took into account the lackadaisical and casual approach in not responding to the notices issued by the Department which were served through the email-registered as per the SOP issued by the NFAC, New Delhi. A reference through Insight Portal was made on 26/02/2022, to the NFAC-Verification Unit (VU) with a request to arrange to service of the Notices through Speed Post on the assessee. It was informed by the Designated Officer of the VU that the notices were served on the assessee through speed post. In response to that also the assessee has not made any reply. Since the assessee failed to respond to the notices under section 142(1) of the Act, the Assessing Office....
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....s although submits the details of bank statements and cash book to support his submission I am decline to accept the same as he failed to file his return of income either u/s 139 or u/s 148 of the Income tax act 1961. He has not complied to any notices u/s 148, u/s 142 and final show cause notices issued and served upon him during the assessment proceeding before passing the order u/s 147 r.w.s 144 read with section 144B of the Income tax Act on 29/03/2022. 7.3 In view of the above appeal of the appellant on this ground is dismissed." The assessee being not satisfied with the order so passed by the learned CIT(A), again filed appeal before the Tribunal. 5. Before us, the learned Counsel for the assessee argued that during the preceding year 2015-16 relevant to the assessment year 2016-17, the assessee did not deposit any cash in the said current account in the Bank of Maharashtra and tgeh notice under section 142(1) of the Act is factually ____. The learned Counsel submitted that the assessee, during the course of business, used to make payments to Vodafone Mobile Services Limited for purchases of sim cards, recharge vouchers and easy vouchers and used to sale the sa....
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....airly accepted that the entire deposit cannot tantamount to income. 7. We have given a thoughtful consideration to the arguments made by the rival parties and perused the material available on record. Keeping in view the overall facts and circumstances of the case, we find that the assessee being a distributors of sim card, vouchers and easy vouchers of Vodafone Mobile Services Limited and earned commission on sale of Sim Card sale to various retail shops in and around the city. The amount received out of the sales were business receipts deposited in the bank account of the assessee and reinvested in purchase of new sim cards and vouchers from Vodafone Mobile Services Limited. There is a consistent rotation of funds in the Bank statement. The assessee submitted the following evidences and details in the form of Paper Book, which are tabulated below:- Sl. No. Particulars Page no. 1. Copy of computation of income 01 2. Copy of Profit & Loss A/c. and Balance Sheet 02 & 03 3. Copy of Bank statement of M/s. Rashi Traders 04 to 34 4. Copy of account of Incentive received from Vodaphone 35 to 37 5. Copy of Form No. 26AS 38 to 41 ....