2025 (10) TMI 747

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....mmissioner of Income-tax (Appeals) NFAC order is erroneous in facts and law. 2. The learned Commissioner of Income-tax (Appeals) NFAC erred in upholding the notice issued by the Jurisdictional Assessing Officer (JAO) under Section 148 dated 03-04-2022. The notice was issued beyond the permissible time limit of three years from the end of the relevant assessment year as prescribed under Section 149(1)(b) of the Income Tax Act, 1961, as amended by the Finance Act, 2021. The amount of income alleged to have escaped assessment Rs. 17,50,000/-, is below the threshold limit of Rs. 50,00,000/- specified in the Act. Hence, the proceedings initiated are barred by limitation and bad in law. 3. The CIT(A) failed to consider that the ....

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.... Learned Commissioner of Income Tax(appeals) NFAC is illegal ex-facie and violative of principals of natural justice. 7. The CIT (Appeals) erred in upholding the levy of interest under sections 234A, 234B, and 234C of the Act." 3. The brief facts of the case are that assessee had not filed any return of income u/s 139 of the Act. Consequently, a notice under Section 148A(d) was issued on 02.04.2022, followed by a notice under Section 148 on 03.04.2022. In response, the assessee declared an income of Rs.3,27,470/-. During the assessment, the assessee claimed to have deposited Rs.17,50,000/- in FY 2014-15 from accumulated savings, later converted into fixed deposits, but failed to provide documentary evidence or bank statements. T....

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....anation, as a significant portion of the funds can be reasonably considered legitimate based on the circumstantial evidence provided by the assessee. The ld.AR further submitted that the assessee had consistently explained the sources of the deposits, including accumulated savings, financial assistance from his family, and retirement proceeds, which align with his financial background and circumstances. The ld.AR further submitted that the explanation given by the assessee though not fully supported by documentary evidence, but reflects a genuine and bona fide intention without any attempt to conceal income. 6. On the other hand, the Ld.DR submitted that assessee's statements during the assessment and appellate proceedings were inconsist....