TaxTMI 
TaxTMI 
2025 (7) TMI 170
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....culties in obtaining necessary information/relevant documents. 3. Without prejudice to the above, the Ld. CIT(A) erred in confirming the addition of Rs. 81,72,000 made by the AO as unexplained credit u/s.68 of the Act. The authorities below failed to appreciate the documentary evidence in the form of bank statements and that the sources are from business which is considered while filing return of income. 4. The Ld. CIT(A) failed to appreciate that the amount was transferred through RTGS from R.B. Enterprises and that the sources remained explained. 5. Any other ground that may be urged at the time of hearing. ITA No. 1279/Hyd/2024 (A.Y 2018-19) 1. The order passed by Ld. CIT(A) is erroneous and in violation of principles of natural justice. 2. The Ld. CIT(A) failed to appreciate that on 08.01.2024 & 13.02.2024 adjournment was filed requesting 2 month's time and further filed adjournment requesting time on 26.08.2024 (Ay.2019-20) on the ground that as the Appellant is in judicial remand the counsel is facing difficulties in obtaining necessary information/relevant documents. 3. Without prejudice to the above, the Ld.....
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....17-18 and 2018-19 be admitted for adjudication on merits. In support of his contention, he has relied upon the judgement of the Hon'ble Supreme Court in the case of NTPC Ltd vs. CIT reported in 229 ITR 383 wherein the Hon'ble Supreme Court has held that the legal ground can be taken at any stage of the proceedings. 5. On the other hand, the learned DR has objected to the admission of the additional ground and contended that this is the 2nd round of litigation and in the earlier round, the Tribunal remanded the matter to the record of learned CIT (A) vide order dated 27th March, 2023. However, the assessee again failed to comply with the notices issued by the learned CIT (A) or filing any supporting evidence to explain the deposits/credits made in the bank account of the assessee. Thus, the learned DR has submitted that the assessee cannot be allowed to raise the additional ground at this stage. 6. We have considered the rival submission and carefully perused the additional ground raised by the assessee whereby the assessee has challenged the addition made by the Assessing Officer in the assessement proceedings u/s 153A of the Act based on the entries in the bank accou....
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....f Pr. CIT vs. Abhisar Bhildwell (P) Ltd (Supra), the additions made by the Assessing Officer in respect of the unabated assessments i.e. for the A.Ys 2017-18 and 2018-19 are not sustainable in law and liable to be deleted. 8. On the other hand, the learned DR has submitted that there was a seizure of cash from the possession of the assessee by the Police authorities which was subsequently handed over to the Department as requisition made u/s 132 A of the Act. The seizure of the cash itself is incriminating material. He has further submitted that there was no assessment in the case of the assessee u/s 143(3) of the Act and therefore, these were not completed assessment as on the date of the search. 9. We have considered the rival submission as well as the relevant material available on record. There is no dispute that the assessee filed the original return of income for the A.Y 2017-18 on 21/09/2017 and for the A.Y 2018-19 on 22/07/2018. The requisition was made by the Department u/s 132A of the Act on 26/06/2020 and therefore, the limitation for issuing notice u/s 143(2) of the Act was already expired on 30.09.2018 and 30.09.2019 respectively for both the A.Ys under considera....
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....rangal Urban Coop Bank Ltd 200204180001369 64,66,059 Credit During the course of assessment proceedings, a notice u/s 142(1) was issued requiring the assessee to explain the nature and source of above credits, and also state whether the same were reflected in the return of income, or not. 4.1. The assessee has not filed any information with regard to the sources for the credits till date though the assessee was afforded several opportunities vide, this office notices u/s. 142(1) of the I.T.Act, 1961 to provide the requisite information. In the absence of any explanation or information, it.is treated that the assessee has no evidence to prove the genuineness and creditworthiness. of the transactions. In view of the above, the entire credits of Rs. 71,42,920/- is treated as unexplained and assessed u/s.68 of the Act and therefore, taxed under the provisions of Sec. 115BBE of the Act. Since the assessee failed to pay taxes at the rate of sixty per cent of the undisclosed income of the specified previous year and as the income was not covered under the provisions of clause (a) of Section 271AAB(1A), penalty proceedings u/s.271AAC of the I.T.Act, 1961 are init....
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....the Act, 1961. However, the completed/ unabated assessments can be re- opened by the AO in exercise of powers under Sections 147/148 of the Act, subject to fulfilment of the conditions as envisaged/mentioned under sections 147/148 of the Act and those powers are saved. The question involved in the present set of appeals and review petition is answered accordingly in terms of the above and the appeals and review petition preferred by the Revenue are hereby dismissed. No costs." 11. Thus, as per the 2nd proviso to section 153A of the Act, only pending assessments or re-assessments shall stand abated and the Assessing Officer would assume the jurisdiction in respect of such abated assessment to assess the income based on the material available with the Assessing Officer. In case no incriminating material is found during the course of search u/s 132 or requisition u/s 132A of the Act, no addition can be made by the Assessing Officer in respect of the completed assessments/unabated assessments. Accordingly, in view of the judgment of the Hon'ble Supreme Court in case of Pr. CIT vs. Abhisar Buildwell (P) Ltd (Supra), the addition made by the Assessing Officer for the A.Ys....
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.... counsel is facing difficulties in obtaining necessary information/relevant documents. 3. Without prejudice to the above, the Ld. CIT(A) erred in confirming the addition of Rs. 17,19,152 made by the AO as unexplained credit u/s.68 of the Act. 4. The Ld. CIT(A) erred in confirming the addition of Rs. 6,00,000 made by the AO as unexplained money u/s.69A of the Act. 5. The authorities below failed to appreciate the documentary evidence in the form of bank statements and that the sources are from business which is considered while filing return of income. 6. Any other ground that may be urged at the time of hearing. 14. These 2 A.Ys were got abated by virtue of the requisition u/s 132A of the Act and therefore, the Assessing Officer assumed jurisdiction to assess the income of the assessee on the basis of the seized material as well as other material available with the Assessing Officer. 15. The learned AR of the assessee has submitted that earlier, this Tribunal vide order dated 27/03/2023 remanded the matter to the record of the learned CIT (A) as the assessee was in the judicial custody and could not participate in the proceedings before the....
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....a 4 of the assessment orders as under: A.Y 2019-20 4. On verification of the bank account statements obtained from the bank authorities u/s.133(6) of the I.T.Act, 1961} the following credits are noticed: Name of the bank A/c.No Total amount of credits in Rs. Credit/ Cash credit Warangal Urban coop Bank Ltd. 200204180001369 10,00,000 Cash deposit 71,42,920 Credits Total 81,42,920 A.Y 2020-21 4. On verification of the bank account statements obtained from the bank authorities u/s.133(6) of the I.T.Act, 1961, the following credits are noticed: * Name of the bank A/c.No Total amount of credits in Rs. Credit/ Cash credit Warangal Urban coop Bank Ltd. 200204180001369 6,00,000 Cash deposit 17,19,152 Credits 18. As per the bank account statement filed by the learned DR we find that the entries of the credits are reflected in the bank account of the assessee with Bank of Maharashtra. We further note that this account is also declared by the assessee in the return of income for the purpose of refund. Thus, it is clear that the addition made by the Assessing Officer on ....