TaxTMI 
TaxTMI 
TaxTMI 
2025 (7) TMI 676
X X X X Extracts X X X X
X X X X Extracts X X X X
....tances of the case the Ld. CIT (Appeals), NFAC is wrong, unjust and has erred in law and facts in confirming the addition u/s. 69A of the I.T. Act 1961 amounting to Rs. 22,83,000/- on account of unexplained money, Kindly delete the addition. 2. That on the facts and in the circumstances of the case the Ld. CIT (Appeals), NFAC is wrong, unjust and has erred in law and facts in confirming the addition u/s. 69C of the I.T. Act 1961 amounting to Rs. 1,41,50,500/- on account of unexplained expenditure. Kindly delete the addition. 3. That on the facts and in the circumstances of the case the Ld. CIT (Appeals), NFAC is wrong, unjust and has erred in law and facts in confirming the addition amounting to Rs. 15,00,950/- on account of sale of mot....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... deposits amounting to Rs. 22,83,000/- in HDFC Bank different accounts. 2. The assessee has made substantial cash withdrawals amounting to Rs. 1,41,50,500/-. 3. The assessee has also made sale / purchase of vehicle amounting to Rs. 15,00,950/-. 4. The assessee has received contractual payment amounting to Rs. 5,54,15,413/- & Rs. 60,30,630/- (totaling to Rs. 6,14,46,043/-) during the F.Y. 2017-18 i.e. A.Y. 2018-19. It is noted from the records that the AO had given multiple opportunities but the assessee failed to submit the return of income in response to notice u/s 148 of the Act. Hence, in this view of the matter the AO concluded that the assessee had not offered any explanation, and he made the addition in the hands of the assesse....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ted by the AO by making the following additions" In the instant case the assessee is an 'Individual' has not filed the return of income (ITR) for the AY 2018-19. Notice u/s. 148 has been issued on 30/03/2022 vide DIN & Notice No. ITBA/AST/S/1481/2021-22/1042152249(1). In response of Notice u/s. 148 of the I.T. Act, 1961 the assessee has not filed his return of income for the assessment year 2018-19. The source of income of the assessee is not known as assessee did not filed ITR for any assessment year as information available on record. In this case specific information was flagged as per Risk Management Strategy formulated by the CBDT through ITBA software under the head "Non Filing of Return (NMS) cases' As per the specifi....
X X X X Extracts X X X X
X X X X Extracts X X X X
....om the facts of the case and material available on record, it is seen that the Assessing Officer made the above additions, based on materials available on record, after according proper and adequate opportunity to the appellant and after marshalling the facts. The appellant did not produce any evidence in support of his claim or made any response against the various notices issued from time to time during the entire assessment proceedings. As per 69A of the Income Tax Act, 1961:- "Where in any financial year the assessee is found to be the owner of any money, bullion, jewellery or other valuable article and such money, bullion, jewellery or valuable article is not recorded in the books of account, if any, maintained by him for any source ....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... DR objected to the submissions of the ld. AR of the assessee and he relied upon the orders of the lower authorities. 2.5 The Bench heard both the parties and perused the materials available on record. In this case, it is noted that the AO assessed the income of the assessee-individual amounting to Rs. 7,93,80,493/- which is a voluminous amount for which the assessee in the interest of equity and justice is required to contest the case before the AO and to adduce the documents/evidence. It is pertinent to mention that since it is an admitted fact that the assessee is ex-parte before the AO and also before the ld. CIT(A). Therefore, he could not put forth his defence. It was the bounded duty of the assessee to appear before the statutory au....