TaxTMI 
TaxTMI 
2024 (12) TMI 1373
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....ds of appeal:- 1. The learned National Faceless Appeal Centre (NFAC) erred in confirming the addition of Rs. 17,59,504/- as unexplained investment under section 69 of the Act. 2. The appellant submits that the assessment was re-opened u/s 148 as there was unexplained cash deposit in the bank account to the extent of Rs. 31,25,000 but the assessing officer has not made any addition towards unexplained cash deposit at all but made an addition of Rs. 17,59,504 under section 69 as unexplained investment in an asset. 3. The appellant submits that it is well settled law that if no addition is made on the basis of the reasons to believe recorded by the Assessing Officer for reopening the assessment under section 148 of the Act, resort cannot....
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....that there was a change in the finding of the AO. 5. The appellant therefore submits that the addition of Rs. 17,59,504/- made under section 69 of the Act is liable to be deleted as the assessing officer has not made any addition towards alleged unexplained cash deposit in the bank account for which the assessment was re-opened. 6. The learned NFAC erred in observing that the appellant had questioned the re-assessment on the ground of change of opinion but actually the appellant had challenged the re-assessment as it was based on "borrowed satisfaction". 7. The appellant submits that the assessing officer has re-opened the assessment as he had AIR information that cash was deposited in the bank account but the assessing officer has no....
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....00 especially when the assessing officer has accepted the agricultural income for the current year as earning of agricultural income is not disputed. 15. The appellant submits that he has given a reply to the notice on 27/11/2019 explaining the sources for the cash deposits but the assessing officer without calling for any further details completed the assessment in haste on 06/12/2019 and disbelieved the source of Rs. 8.25 lakhs representing amount received on sale of jewellery belonging to the appellant's wife. 16. The appellant hereby undertakes to produce the proof for sale of jewels by the appellant's wife which may be accepted and addition deleted. 17. In any view of the matter, the closing balance in the savings bank ac....
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....ural claim was restricted to the extent of Rs. 2.07 Lacs as returned by the assessee. The assessee could not furnish proof for sale of jewellery and therefore, the claim to the extent of Rs. 8.25 Lacs was rejected. Since the assessee availed loan, the claim of accumulated savings could not be accepted. The assessee had savings balance of Rs. 27.96 Lacs as on 28.02.2013 out of which the claim to the extent of Rs. 9.99 Lacs was accepted and the remaining amount of Rs. 17.96 Lacs was held to be unexplained asset for the assessee. The income was assessed accordingly. The Ld. CIT(A) confirmed the action of Ld. AO against which the assessee is in further appeal before us. 4. In our considered opinion, when the income is offered on presumptive ba....