TaxTMI 
TaxTMI 
2025 (9) TMI 830
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....: Shri. Subramanian S, JCIT(DR)(ITAT), Bangalore. ORDER PER LAXMI PRASAD SAHU, ACCOUNTANT MEMBER : This appeal filed by the assessee against the ex-parte Order passed by NFAC vide DIN and Order No.ITBA/NFAC/S/250/2024-25/1069511594(1) dated 08.10.2024 passed under section 250 of the Income Tax Act, 1961 (hereinafter called 'the Act'). 2. Briefly stated the facts of the case are that as....
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....ssessee has also taken loan from DHFL totaling to Rs. 82,85,807/-. The assessee has also furnished bank account statement of HDFC and Axis Bank. There was cash deposit in account No.50100008637412 in HDFC bank of Rs. 2,51,000/- and in account No.052010100170802 in Axis Bank account of Rs. 14,32,500/-. During the course of assessment proceedings, the AO accepted loan taken of Rs. 82,85,807/- toward....
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....reiterated the submissions made before the lower authorities and submitted that the cash deposited into bank account is out of loan taken from friends and relatives and out of past savings. His wife is a graduate and is taking tuitions. The AO at one side has accepted the purchase of property out of details given of Rs. 82,85,807/-. The cash deposited into bank account is out of the above amount. ....
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....d that on 26.09.2016 and 16.01.2017. The assessee was unable to explain the source which is not correct as observed by the revenue authorities. There is an explanations submitted by the assessee in this regard "deposit out of savings from withdrawals in earlier period and out of transfer borrowings from friends and relatives. The AO has accepted the unsecured loans and own savings and further in r....