2022 (8) TMI 1593

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... As observed by the Assessing Officer, since, the return of income was filed beyond the prescribed time limit, it could not be selected for scrutiny. Subsequently, the Assessing Officer received information indicating that the assessee, during the year under consideration, has made cash deposits of Rs.15,12,500/- in his bank account. Based on such information, the Assessing Officer reopened the assessment under section 147 of the Act. In course of reassessment proceeding, the Assessing Officer raised a query on a number of issues, including, the cash deposted in bank account amounting to Rs.15,12,500/-. In response to the query raised, though, the assessee furnished its reply with supporting evidence, however, the Assessing Officer was not ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... relatives, the assessee filed the gift deeds on plain paper earlier i.e. during the assessment proceedings. Presently, the assessee filed Affidavits wherein it has been mentioned that on different occasions and out of natural love and affection how these gifts in the form of cash were made by relatives to the assessee i.e. Sh. Brijesh Kumar Goswami. In addition to this, in the affidavit PAN numbers and Xerox copy of the I- D card have been furnished by whom gifts were made to the assessee. Therefore, after perusal of the same, it seems to be a genuine transactions aggregating to Rs.7,14,000/-. 2. With regard to the sale of car, during the assessment proceedings, the assessee merely filed the confirmation of the buyer named Sh. Muk....