TaxTMI 
TaxTMI 
2025 (11) TMI 1659
X X X X Extracts X X X X
X X X X Extracts X X X X
.... giving effect to the DRP-2, Mumbai, passed, u/s 143(3) r.w.s 147 r.w.s. 144C(13), r.w.s. 144C(5) of the Act by the Assessing Officer, dated 31.01.2025. 2. Grounds of appeal raised by the assessee are as follows: "1. The learned CIT (DRP-2, M-3, Mumbai erred in upholding and in directing the assessing officer in making addition of Rs. 25,00,000/-, as unexplained investment u/s 69A of the Act, by failing to appreciate that source of fixed deposit of said amount was duly explained by the Appellant and thereby levying tax at rates specified u/s 115BBE of the Act. 2. The learned CIT (DRP-2), M-3, Mumbai erred in upholding and directing the A.O. in making addition of Rs. 1,094/- as by way of interest income. 3. The ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ell as Direction of the Dispute Resolution Panel have been quashed by the Hon'ble Gujarat High Court. The Hon'ble High Court remanded back the case to DRP to pass fresh directions based on assessee's submission. Accordingly, the case has been taken into work flow, and has been heard by Hon`ble DRP. In the course of proceedings before Hon`ble DRP, in response to the notice issued, the Authorised Representative, of the assessee, attended the hearing on behalf of the assessee and explained the stand of the assessee, with documentary evidence and filed paper book with relevant documents/ evidence. 4. The assessee is non-resident during the year under consideration and was residing in United Kingdom. In the course of draft assessm....
X X X X Extracts X X X X
X X X X Extracts X X X X
...., and to explain this, she took us through paper book page No. 34, which is reproduced below: 7. Ms. Patel, also stated that on 07-06-2017, there is transfer of FD amount with interest of Rs. 29,41,713/- to South Indian Bank, Mumbai Branch with new number FD No.157101000014957 as against FD No.147101000021032, the relevant evidence is placed on paper book page No.38, which is reproduced below: 8. This way, learned Counsel for the assessee, explained the Bench, the sequence of events, and stated that fixed deposit of Rs. 25,00,000/- was made by the assessee out of definite sources and genuineness of the fixed deposit is not in doubt besides, this transaction is old and does not pertains to the assessment year under consideration, that ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ties and observed that there is merit in the arguments advanced by the Learned Counsel for the assessee. We note that the fixed deposit of Rs. 25,00,000/- was opened in the year 2015 out of Rs. 25,000 GBP, received in the year, 2015, and was later on, transferred to South Indian Bank, Mumbai Branch, from Pune Branch, on 07-06- 2017 with new FD No.157101000014957 in place of FD No.147101000021032 and was maturing in the year 2020. Hence, there was no remittance during the year and no fixed deposit was made during the year by the assessee. It was only transfer of fixed deposit from one branch to another branch of the same bank. The ld. Counsel for the assessee, explained the bench that original source of the impugned fixed deposit is proved t....
X X X X Extracts X X X X
X X X X Extracts X X X X
....t: 25,000.00 GBP Chgs: 30.00 GBP Paid/Original Amt: 25,000.00 GBP Exchange Rate: NONE USED DB Value Date: 20150513 CR Value Dato: 20150513 Account With Bank Code Senders Referenco SOININSSXXX 18194C601QFE Account With -Bank: Related Reference: SOUTH INDIAN BK COCHIN DHARMODAYAM BUILDING, FIRST FLOOR: SHANMUGHAM ROAD Ordering Bank: KOCHI Beneficiary Bank Code: Beneficiary Bank: By Order Of: Mrs S Miss Poonam Doshi & 68 Princes Avenue London NW9 9JD Account Number: Instructions Received From: 0147050000010164 HSBCNET BUSINESS HEXAGON Beneficiary : SHOBHNA DOSHI 68 PRINCESS AVENUE LONDON NW9 9JD Bank to Bank Information: Details of Payment: REASON FOR PAYMENT....
X X X X Extracts X X X X
X X X X Extracts X X X X
....17, 145.16cr -02-2015/pune Main Tes T Tran Particular 2 For Interest Tran 14-05-15 Gbp/250000100.25/73/014 25,05.284.00 25,22,429.16cr 7050000/international B Anking Division 14-05-15 Transfer: To Deposit/pu- 25.00.000.00 22,429.16cr Ne Main 05-06-15 Repayment After Renewal 6.18.875.00 6,41, 304.16cr Of 10147101000017761]/ Pune Main 09-06-15 Transfer: Bill Id : 014 6.21,098.00 20,206.16cr 7for00005115/pune Main 04-09-15 Int.pd:01-03-2015 To 31 935.00 21,141.16cr -08-2015/pune Main Tes T Tran Particular 2 For Interest Tran 04-03-16 Int.pd:01-09-2015 To 29 422.00 21,563.16cr -02-2016/pune Main Tes T Tran Particular 2 For Interest Tran 16-06-16 Int.pd:....