TaxTMI 
TaxTMI 
TaxTMI 
2025 (8) TMI 213
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....e '11' of Form No. '35' of the appeal memo and which evidences are available for consideration on ITBA portal. Ld. CIT(A) has clearly erred in law in dismissing all the grounds of appeal without considering above submission and evidences. 2. That on the facts and in the circumstances of the case as well as in law, Ld. CIT(A) has erred in upholding the validity of the deemed notice u/s. 148A(b); order u/s. 148A; notice issued u/s. 148 of the I.T. Act, 1961 by dismissing the appeal of the appellant in summary manner, without considering the submission and evidences before him as mentioned in ground no. '1' above. It is humble contention of the appellant that whole of the proceeding carried out u/s. 147/148/148A and consequent assessment order passed u/s. 147 r.w.s. 144B of the Act are invalid, unjustified, bad in law and without authority of law. Appellant prays for quashing the same. 3. That on the facts and in the circumstances of the case as well as in law, Ld. CIT(ADJ) has erred in upholding the addition of Rs. 1,42,38,500/- u/s. 69A of the Act in respect of duly accounted for and explained credits in bank accounts of appellant, by wrongly dismissing the appeal ....
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....the AO passed order u/s 147 r.w.s 144B of the Act and assessed the total income at Rs. 1,68,46,550/-. He made additions of Rs. 1,42,38,500/- u/s 69A of the Act towards the credits in the bank account and Rs. 7,97,000/- u/s 69A, being cash deposit in the bank account and levied tax at the enhanced rate u/s 115BBE of the Act. 4. Aggrieved by the order of the AO, appellant preferred appeal before Ld. CIT(A). The CIT(A) observed that the appellant was provided with multiple opportunities to submit documents and make submissions in response to the appeal filed. However, the appellant has not exercised the option despite multiple reminders, which indicated that the appellant was not interested in pursuing the appeal. Resultantly, the CIT(A) confirmed the additions made by the AO and dismissed the appeal of the appellant. 5. Aggrieved by the order of CIT(A), the assessee has filed the present appeal before the Tribunal. The learned Authorized Representative (ld. AR) of the appellant submitted a paper book containing copy of written submission before CIT(A), evidences submitted to the AO, approval of order u/s 148A(d) and notice u/s 148 by the PCIT-1, Surat, bank statements, copies o....
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....discharged by the appellant in view of the law laid down in following cases, viz., (i) CIT Vs. Orissa Corporation (P) Ltd. 1986 taxmann.com 1163 (SC) and (ii) CIT Vs. Ranchhod Jivabhai Nakhava, 21 taxmann.com 159 (Guj.). As regards, the cash deposit of Rs. 7,97,000/-, the ld. AR submitted that the source of the cash is gift from mother of the appellant, Smt. Babli Satishkumar Bansal. In support, copies of gift declarations along with her ITR, computation of total income, capital account, balance sheet were submitted evidencing the gift given to the appellant. The gift of Rs. 8,00,000/- received from mother in cash on 15.10.2016 was the source of cash deposit of Rs. 7,97,000/- in the bank accounts. The ld. AR submitted that the additions are liable to be dismissed both on merit as well as on jurisdiction. 6. On the other hand, learned Senior Departmental Representative (ld. Sr. DR) relied upon the order of lower authorities. He submitted that in absence of details and supporting evidence, the addition made by the AO cannot be said to be improper. 7. We have heard both the parties and perused the materials available on record. We have also deliberated upon the decision relied o....
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....llion, 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 of income, and the assessee offers no explanation about the nature and source of acquisition of the money, bullion, jewellery or other valuable article, or the explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory, the money and the value of the bullion, jewellery or other valuable article may be deemed to be the income of the assessee for such financial year." 7.1 In this case, the foundational requirement of the provision that the money is not recorded in the books of account is absent. Therefore, the addition made u/s 69A of the Act, is legally untenable. Be that as it may, the appellant has also furnished all necessary details in support of the unsecured loans, which has not been controverted by revenue at any stage including before the Tribunal. In absence of any adverse finding regarding the genuineness or completeness of the books of account, the reliance on section 69A appears misplaced. It may be stated that mere deposit in a bank account cannot trigger addit....