TaxTMI 
TaxTMI 
2018 (11) TMI 1979
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....wn in his Assessment Order that the case was transferred to the under signed (i.e. assessing officer) and case record along with folder of SIR due to change in jurisdiction and in point No. 2 of remand order assessing officer has said that no reply dated 06/10/2015 has been found on records and it is not acceptable as notice u/s 148 issued only on 22/03/2016 but we have provide the copy of statement which is deposited to department on 06/10/2015 to the Ld. C.I.T. Appeal. 2. That the Ld. C.I.T. Appeal has erred on facts that the assessee himself accepted that the assessee is owner of bank account of Bank of India in which there are only business transactions and which is duly declared in ITR of that asstt. Year. And transactions in ....
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....ngaged in business of Aara Machine (wood business) on the same day itself amounts of Rs. 24.50 lakhs and Rs. 20 lakhs were transferred by M/s Sai Traders which engaged in business of handicrafts and Rs. 45 lakhs were withdrawn in cash on same day itself, Balance amount of Rs. 5 lakhs was withdrawn a few days later. Total amount of debits and credits during the current F.Y. aggregated to Rs. 1.03 Crore and Rs. 1.03 crore approx respectively." 4. On the basis of the above STR, the AO recorded in the following for formation of belief of escapement reasons of income of the assessee: "The department is in the possession of information to the effect that certain huge transaction made by Shri Anand Kumar Tripathi, Prop. Tripathi Atta E....
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....from the assessee; that no cheque of any amount had either been deposited, nor drawn by the assessee; that in this regard, the assessee had filed a First Information Report against Om Jaiswal, for the fraud committed by him on the assessee; and that copy of the said FIR dated 17.12.2010 had been submitted by the assessee in the Office of the AO. 6. The AO, however, while passing the order of assessment, made addition of Rs. 7,84,640/- being 8% of the total credits of Rs. 98,08,000/- in the current account during the year. The ld. CIT(A) has confirmed the addition. For A.Y. 2010-11, a similar addition of Rs. 2,75,827/- has been made and confirmed. Aggrieved, the assessee is in appeal for both the years. 7. Heard. It is seen that while ....
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....cords as a defaulter of the Bank and enquiries were already pending against him, whereas the bank account in which the deposits in question had been found, had been operated by the assessee himself only. Thus, the documentary evidence filed by the assessee, in the shape of the FIR lodged by him on 17.12.2010 against Om Jaiswal and papers related to the police enquiry against Om Jaiswal, was wrongly not considered by the AO, causing prejudice to the case of the assessee. Likewise, the ld. CIT(A) also fell in error in not taking into consideration this very unrebutted documentary evidence and held that the assessee had not explained as to how the bank account in question was related to the assessee. The ld. CIT(A) has failed to appreciate tha....