TaxTMI 
TaxTMI 
TaxTMI 
2025 (2) TMI 231
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....nd scheme of the Act it be held that the addition of Rs. 16,23,000/- so made by Ld. AO and that upheld by Ld. CIT(A)-NFAC is Incorrect and not according to the provisions of the Act including section 69A of the Act. Accordingly, the additions so made and that upheld by Ld. CIT(A)-NFAC be kindly deleted and appellant be granted just and proper relief in this respect. 2. Without prejudice to other grounds and on the facts and circumstances prevailing in the case and as per provisions and scheme of the Act it be held that Ld. AO and Ld. CIT(A)-NFAC both erred in not considering the cash withdrawals being the source of cash deposits. That is, at the most addition of peak credit could have been done. Accordingly, addition made in excess of cas....
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....se any grounds of appeal at the time of hearing." 3. Facts in brief are that the assessee is an individual and she did not file her return of income u/s 139 for Assessment Year 2011-12. On the basis of information received from AIR, it was noticed that cash of Rs. 15,07,000/- has been deposited in the bank account. Since return of income was not filed, Ld. Assessing Officer issued a letter to the assessee on 18.01.2018 but no response was filed. In absence of any reply from the assessee, Ld. Assessing Officer has reason to believe that the cash deposit from undisclosed sources and thus issued notice u/s 148 of the Act. In response to which, the assessee furnished the return on 18.09.2018 declaring income of Rs. 2,02,644/- which included in....
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.... report, Ld. CIT(A)/NFAC failed to find any merit and dismissed the assessee's appeal raising the legal issues as well as quantum addition. 5. Now, the assessee is in appeal before the Tribunal. 6. Before me, assessee filed a paper book running into 51 pages, however, the details filed at Sl. No.10, 11 and 12 i.e. diary maintained by the appellant, latest Gram Panchayat Letter endorsing fact that appellant was into trading of Cashew Seeds and affidavit of sellers of Cashew Seeds have been filed first time before this Tribunal. Firstly, Ld. Counsel of the assessee made submission on the legal ground stating that the reopening of assessment has been carried out after lapse of 4 years and Ld. Assessing Officer had failed to carry out any ind....
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....was received by the Income Tax Department from the bank about certain cash deposits in the assessee's account. Prior to notice issued u/s 148 of the Act, Ld. Assessing Officer asked the assessee to file response to the letter dated 18.01.2018 but there was no reply received till 31.01.2018 as asked by Ld. Assessing Officer. Under these circumstances, on one hand the assessee has not furnished the return of income and secondly she did not respond to the communication of the Assessing Officer. Ld. Assessing Officer had reason to believe that the cash deposits can be from unexplained sources of income. In my considered opinion, under given facts and circumstances, a valid notice u/s 148 of the Act was issued after getting prior approval from t....
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....din I. Parkar and Mr. Vaibhav K. Bhoi have been furnished but they did not clearly mention the details of payments made by them to the assessee and that they have received the part consideration through the banking channel. Considering all these aspects, facts and circumstances of the case, details filed before the lower authorities and also the letter from Gram Panchayat and taking a liberal approach, I hold that the alleged sum is part of the sale consideration received by the assessee during the year from the business of trading in Cashew Seeds. So far as estimation of net profit is concerned, apart from placing the purchase and sale register, no other documents supporting the expenditure has been furnished and also the cash received has....