TaxTMI 
TaxTMI 
2025 (6) TMI 482
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....s 69 of the Act on account of unexplained investment. 2. The Ld.CIT(Appeals) erred in not allowing the AO to examine the additional evidence admitted by him as per the provisions u/s 46A(3) of the I.T Rules 1962. 3. The Ld.CIT(Appeals) erred in admitting the evidence filed before him in to consideration without any opportunity in rebuttal to the assessing officer which the respondent did not furnish during the assessment proceeding." 3. Facts of the case, in brief, are that the assessee is an individual. On the basis of information available with the Department that cash of Rs. 3,20,31,360/- was deposited in Bank Account No.0505610000030 with Shri Bharat Urban Co-operative Bank Ltd., Jaisinghpur on the PAN number of the....
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....ellant was acting as chairman of an organization i.e "Niyojit Shetkari Bhajipala Utpadak Sahakari Sanstha Maryadit, Haroli, Tal: Shirol, Dist: Kolhapur". It is seen that the appellant's PAN was used for opening the bank account (cash deposits in which are added in appellant's hands) of the above organization with Bharat Urban Co-op Bank Ltd since it did not have PAN. It is seen that the transactions in this account No.0505610000030 with Shri. Bharat Urban Co-op Bank Ltd, have got reported under the appellant's PAN in his AIR. 3.4 From the perusal of the screen shot of the master of the software in the said Shri Bharat Urban Co-operative Bank Ltd A/c No. 0505610000030 and the Account Opening Form filled at the time of op....
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.... Further, the Hon'ble Delhi ITAT in the case of ITO vs. Vinod Chadha (2016) (73 taxmann.com 118) wherein hon'ble Delhi -tribunal concluded that cash deposited in assessee's saving bank account was sales of partnership firm in which assessee was partner and same was duly explained with help of sales receipt recorded in books of account of partnership firm, said amount could not be added In assessee's hands as unexplained money. 3.3 In view of the above facts and discussion, I am of the considered view that the account No 0505610000030 with Shri Bharat Urban Cooperative Bank Ltd does not belong to the appellant but belong to the Association of Persons named Nyojit Shetkari Bhajipala Utpadak Sahakari Sanstha Maryadit, ....
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....ecorded in the bank account maintained with Bharat Urban Co-operative Bank Ltd. belongs to Niyojit Shetkari Bhajipala Utpadak Sahakari Sanstha Maryadit, Haroli, Tal: Shirol, Dist: Kolhapur and has nothing to do with the assessee. It was also contended that a property was purchased by the society and electricity bill also paid by the society, however the Assessing Officer did not accepted the contention and made the addition of above deposit in the hands of the assessee as income from other sources. Ld. CIT(A)/NFAC after considering the reply of the assessee and on the basis of certificate issued by Niyojit Shetkari Bhajipala Utpadak Sahakari Sanstha Maryadit, Haroli, Tal: Shirol, Dist: Kolhapur to the effect that the turnover belongs to the....
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.... assessee produced the audited accounts of the socalled society since the turnover was more than Rs.2 crore and therefore regular books of accounts were required to be maintained and audit u/s 44AB of the IT Act was also compulsory, since no such documents were produced either before Ld. CIT(A)/NFAC or before the Tribunal the existence of the so-called society is not proved. Ld. DR submitted before the bench that even the assessee himself in the grounds of appeal raised before Ld. CIT(A)/NFAC requested to make addition on the basis of the peak credit available in the bank account and alternatively also submitted before Ld. CIT(A)/NFAC to make addition in the hands of the assessee on the basis of profit and loss account prepared by the socie....
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....egistrar, Co-operative Society or not and whether subsequently Shri Bharat Urban Co-operative Bank Ltd. has substituted the correct PAN of the society in its bank account in the place of assessee's PAN number. We also find Ld. CIT(A)/NFAC failed to verify the fact that whether the so-called society has made regular books of accounts and got them audited as required u/s 44AB of the IT Act and furnished its return of income. Accordingly, we deem it appropriate to set-aside the order passed by Ld. CIT(A)/NFAC and remand the matter back to his file with a direction to decide the appeal afresh and as per fact and law in the light of above observations discussed by us in the preceding paragraphs of this order, after providing reasonable opportuni....