TaxTMI 
TaxTMI 
2025 (5) TMI 1948
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.... Assessing Officer u/s 69A of the Income Tax Act, 1961 (hereinafter referred to as 'the Act'). 3. Facts of the case, in brief, are that the assessee is an individual and has filed his return of income on 30.01.2017 declaring total income of Rs. 6,69,240/-. The return was processed u/s 143(1) of the Act. Subsequently, the case of the assessee was selected for scrutiny under CASS. Accordingly, statutory notices u/s 143(2) and 142(1) of the Act were issued and served on the assessee in response to which the assessee filed the requisite details from time to time. 4. During the course of assessment proceedings the Assessing Officer noted that the assessee has shown income by way of business and other sources. The assessee has shown receipt....
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....y. In the bank passbook names are reflected. Receipts and payment account attached. iv. Further, AR relied upon the provisions of section 44AD of the Income Tax Act, 1961 regarding the non maintenance of books etc. v. AR of the assessee relied upon the certain judicial decisions as follows CIT Vs Surinder Pal Anand, 192 Taxman, 264" 6. However, the Assessing Officer was not satisfied with the arguments advanced by the assessee. He noted that a perusal of the bank statement shows that the assessee has deposited cash and made payments to certain parties. After analyzing the various details furnished by the assessee, he noted that the assessee has utilized the cash deposits towards loan to Satish Sawant Group and ....
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....grieved with such order of the Ld. CIT(A) / NFAC, the assessee is in appeal before the Tribunal. 9. The Ld. Counsel for the assessee at the outset referred to para 8 of the assessment order and drew the attention of the Bench to the same where the Assessing Officer has reproduced the receipts and payments account. The Ld. Counsel for the assessee submitted that the assessee has received the following loan amounts which are clearly visible from the receipt and payment account reproduced by the Assessing Officer: Date Receipts Explanation Amount 16.06.2014 Sandeep Mahagavkar Loans 2,00,000 18.06.2014 Sandeep Mahagavkar Loans 1,00,000 12.08.2014 Sandeep Mahagavkar Loans 1,50,000 10.09.2014 ....
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....s not been examined by the Assessing Officer. Therefore, he has no objection if the matter is restored to the file of the Assessing Officer with a direction to verify the identity and creditworthiness and the genuineness of the transactions. 12. We have heard the rival arguments made by both the sides, perused the orders of the Assessing Officer and Ld. CIT(A) / NFAC and the paper book filed on behalf of the assessee. We find the Assessing Officer in the instant case made addition of Rs. 76,30,760/- u/s 69A of the Act being the difference between the cash deposit of Rs. 83,00,000/- and the income of Rs. 6,69,240/- declared by the assessee on the ground that the assessee could not give the details of the names of the persons from whom the....
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.... body of the assessment order, the Assessing Officer proceeded to conclude that there are no withdrawals towards expenses and the assessee has utilized the cash deposits towards loans to Satish Sawant Group and Omkar Enterprises. Since the assessee has opted for the provisions of section 44AD of the Act on account of business receipts, we are of the considered opinion that the Assessing Officer should not have disturbed the same. We therefore, direct the Assessing Officer to accept the profit declared by the assessee as per provisions of section 44AD of the Act. 14. However, so far as the loans received by the assessee from various parties are concerned, it is the duty of the assessee to give the details of the persons who have advanced ....