2025 (8) TMI 586

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.... following grounds of appeal : "1. In the facts and circumstances of the case and in law the CIT(A), NFAC, erred in not accepting the contention of the appellant that the addition made by the Deputy Commissioner of Income Tax (Central Circle), Kolhapur (Hereinafter referred to as the 'AO) is bad in law inasmuch as the same is made without issuing any show cause in respect thereof during the entire assessment proceedings and thus the addition is in violation of mandatory guideline of CBDT in this respect. The appellant prays that it be held accordingly. 2. On the facts and circumstances of the case and in law the CIT(A) NFAC erred in making addition of Rs. 10,00,000 under section 68 as Unexplained Credit' a....

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....er before ld.CIT(A) and the assessee still could not place any evidence of proof for purchase of the Truck. The ld.CIT(A) though confirmed the addition but invoked section 68 of the Act alleging that the sum of Rs. 10.00 lakh is unexplained cash credit. 5. Now the aggrieved assessee is in appeal before the Tribunal. 6. The ld. Counsel for the assessee referring to the paper book containing 73 pages brought my attention to the confirmation letter of Sumayya Enterprises who are agents for purchase and sale of Trucks. He further submitted that the assessee made payment through banking channel during F.Y. 2019-20 for purchasing the Truck through Sumayya Enterprises. He also submitted the copies of the Registration Certificate, RC Book, Co....

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....ogistics for purchase of Truck No. MH09EM5892 through Auction. The truck was purchased through Sumayya Enterprises, Mumbai and payment was made through banking channel on 30.09.2010 at Rs. 10,30,000/- and commission was paid to Sumayya Enterprises at Rs. 30,000/-. The assessee also incurred vehicle taxes, insurance, spare parts, labour charges and in total paid Rs. 11,96,646/- for purchasing this Truck. The assessee has also furnished copy of Insurance Cover in the name of Indusind Bank Ltd. copy of RC smart card in the name of Indusind Bank Ltd. since the vehicle was pledged with Indusind Bank Ltd. I also notice that the confirmation letter of Sumayya Enterprises giving details of purchase has been furnished and also the sale consideration....