TaxTMI 
TaxTMI 
2025 (5) TMI 620
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....cts and circumstances of the case and in law also ld. AO grossly erred in initiating reassessment proceedings u/s 147 of the Income Tax Act, 1961. 2. On the facts and circumstances of the case and in law also ld. AO grossly erred in not providing the copy of reason recorded to the assessee. 3. On the facts and circumstances of the case and in law also ld. Lower Authorities grossly erred in making and confirming addition of Rs. 7,76,750/- on account of cash deposits in bank account. 4. On the facts and circumstances of the case and in law also ld. CIT (A) grossly erred in restricting the addition to 50% at Rs. 7,76,750/- of additions made by Ld. AO even after agreeing that the assessee has made withdrawals and with....
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.... NH-48 BEHROR (ALWAR) RAJ-301701 Considering the reasons mentioned in the said application accompanied by an Affidavit of the assessee and also Certificate from the concerned Hospital, we feel that the reasons mentioned in the application constitute sufficient cause for not filing the appeal within the time before us. Moreover, no counter affidavit has been filed by the revenue. Therefore, taking a lenient view and considering the principles laid down in the case of Collector, Land Acquisition vs. Mst. Katiji, 1987 AIR 1353 (SC), we condone the delay in filing the appeal before us. 3. The brief facts of the case are that an information was in possession with the Income-tax Department that the assessee has deposited a sum of R....
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....posits in the bank accounts with documentary evidences. In response the A/R of the assessee filed written submissions along with various details but the AO could not found it acceptable. The AO further noted that the assessee has filed her return of income under section 44AD showing total sales at Rs. 23,47,969/- and NP of 8% has been declared thereon. The assessee was asked to furnish necessary details i.e. sundry debtors, sundry creditors, details of stock, details of sales and sale bills/vouchers etc. in respect of income declared under section 44AD of the IT Act. The assessee has not filed any details. Therefore, in absence of any details, the AO completed the assessment by making additions of Rs. 1,88,550/- on account of income shown u....
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....was having information about cash deposit in the bank account and coupled with the fact that appellant did not file her ITR for the year under consideration and both these facts were sufficient to raise a doubt about concealment of income and hence the AO was justified in issuing a notice u/s 148 on the facts of the case. In this regard we refer to the case of ACIT v/s Rajesh Jhaveri Stock Brokers P Ltd. (SC) (291 ITR 500) wherein the Hon'ble Supreme Court held that at the stage of initiating action u/s 147, the final outcome of the proceeding is not relevant and at the initiation stage, what is required is "reason to believe", but not the established fact of escapement of income. Hence we dismiss first ground of appeal. 7. Ground No.2 h....
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.... the appellant could not furnish any evidence of having actually carried out the coal business as claimed. Under such circumstances, the claim of the appellant regarding the source of cash deposits can not be fully accepted. However, considering the fact that the deposits were made in staggered manner and there were withdrawals in the intermittent periods and also the appellant's claim that it had cash balance of Rs. 3,77,000/- at the beginning of the year, it will be fair and reasonable to restrict the addition to the extent of 50% of the total deposits made during the year. Accordingly, the AO is directed to recomputed the addition and determine the tax and interest liability thereon. Thus, the ground no. 3 filed by the appellant is partl....