2025 (11) TMI 736

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....ised the following grounds of appeal: 1. Order u/s. 147 r.w.s 144 r.w.s 144B of the Act is bad in law. 2. The Ld.AO has erred in law as well as on facts in making the addition of Rs. 11,70,000/- under section 68 r.w.s 115BBE of the Income-tax Act. The Ld.CIT(A) has further erred in law and on facts in confirming the addition to the extent of Rs. 1,30,000/- 3. The brief facts of the case are that the assessee is an individual engaged in retail Auto CAD design work. The assessee e-filed his return of income for the year under consideration on 11.07.2018, declaring a total income of Rs. 2,91,400/-. The assessee's case was reopened based on information received that he had introduced share capital and unsecured loans amount....

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....ion us 133(6), forgetting that these persons are close family members of the appellant and their confirmations etc. have been duly furnished. 6.2.1 On going through the copy of bank account of Sh. Jayantibhai Bhavji Bhai Patel it is observed that till August 2017 the banking behavior was normal and the transactions have been made in normal manner. However during the period 15.09.2017 to 11.11.2017 there are 5 items of cash deposit of Rs. 49,500/- each. Out of these deposits Rs. 2,50,000/- has been advanced to the appellant during this period. Whereas it cannot be denied that Jayantibhai Bhavji Bhai Patel was having agricultural income and must be having past savings also, it can also not be denied that he would be incurring expence....

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....or the assessee submitted that the assessee had received a total amount of Rs. 10,80,000/- as an unsecured loan from his father, Shri Jayantibhai Patel. During the course of assessment proceedings, the assessee furnished the following documents in support of the said loan: * PAN and Aadhaar card of Shri Jayantibhai Patel * Confirmation letter from the lender * Copy of bank statement of Shri Jayantibhai Patel * Landholding proof (Form 7/12 extract) * Copy of the sale deed of agricultural land The Ld. Counsel further submitted that out of the total loan of Rs. 10,80,000/-, a sum of Rs. 6,00,000/- was received by Shri Jayantibhai Patel from the sale of agricultural land. This fact was supported b....