2025 (9) TMI 979

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.... appeal are in essay form and as such not reproduced in the order. 3. Ground Nos. 1, 2, 3 and 8 relates to the issue of non-service of notice u/s 148 and ground nos. 4 & 5 relates to the issue of non-supply of copy of recorded reasons and ground nos. 6 and 7 relates to non application of mind of the Assessing Officer while recording satisfaction for reopening of the case and ground no. 9 relates to merits of the case where the contention of the assessee is that the bank deposits has been made out of earlier bank withdrawals and ground no. 10 is additional ground. 4. The brief facts of the case are that the assessee has deposited an amount of Rs. 23,51,355/- in cash in his bank account maintained with IDBI Bank & ICICI Bank, Amritsar d....

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....m the loan defaulter on behalf of the company. The same was deposited in the bank account and remitted back to the principle company. On the other hand, in the statement of facts, the appellant held that the cash of Rs. 23,51,355/- has been deposited out of the amount withdrawn earlier and other collections which is contra to the submissions made. Therefore, it is nothing but afterthought. However, the appellant has not produced any verifiable documentary evidence in this regard. The AO has correctly held that the assessee failed to discharge the onus vested on him by not filing necessary explanation of source of cash deposited with sufficient documentary evidence. Since the appellant has failed to substantiate his grounds, I do not find an....

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....sessee. 8. Now coming to the next issue regarding non issue of copies of recorded reasons, as alleged by the ld. AR, it is clarified by the ld. DR that since no return has been filed in response to notice u/s 148, the Assessing Officer could not have possibly issued or supplied a copy of the recorded reasons, but the said recorded reasons has been issued to the assessee after completion of assessment proceedings in response to an application filed on 09.01.2020 post assessment, (because in this case the assessment has been completed on 12.12.2019). The copy of the recorded reasons are also enclosed by the assessee as part of the paper book and as such on this issue, the assessee should not be having any grievance. So this ground of appea....

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....y be deleted. The addition has been made purely on the basis of conjectures, surmises and suppositions. Alternatively, the addition made is very high & excessive." 11. Now coming to the merits of the case, i.e. contained in ground nos. 9 & 10 of the appeal of memorandum, it is seen that the assessee has submitted that the deposits were made out of earlier withdrawals from bank from time to time and the assessee was an employee of the company M/s Shri Ram Transport Corporation Finance Company, and was posted as Senior Product Executive (as per the certificate given by the employer company). The explanation of the assessee was that the cash was received by the assessee from loan defaulters on behalf of the company and the same was deposite....