AI Drafter 
TaxTMI 
TaxTMI 
TaxTMI 
2025 (12) TMI 158
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....sment year 2019-20, arising out of the assessment order dated 28.02.2024 passed by the Assessment Unit, Income Tax Department [hereinafter referred to as "Assessing Officer or AO"] under section 147 read with section 144B of the Act. 2. Facts of the Case 2.1 The assessee is an individual and a resident of village Khododhi, Khambhat Taluka, District Anand, Gujarat. For the relevant assessment year 2019-20, the assessee did not file return of income under section 139(1). Based on information received through the Insight Portal indicating substantial cash withdrawals amounting to Rs. 39,83,841/- during the financial year 2018-19, a notice under section 148 was issued on 29.04.2023. 2.2 In response to the said notice, the assessee file....
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....as no evidence of such cash inflows being credited to the assessee's bank accounts commensurate with the cash withdrawals. Further, the assessee failed to produce any supporting documentation, such as confirmations from parties, loan statements, invoices, or books substantiating the claimed cattle business. On this basis, the AO concluded that the cash withdrawals from Bank of Baroda were unexplained, and proceeded to make an addition of Rs. 39,83,841/- under section 69A of the Act, taxing it under section 115BBE, and initiated penalty proceedings under section 271AAC. 2.5 The assessee filed an appeal before the CIT(A). Before the CIT(A) the assessee reiterated the factual background that he was engaged in CSC operations as a service del....
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....aw and in the facts of the case in confirming the order of the AO in making addition of Rs. 39,83,841/- u/s 69A of the act. 2. That the Ld. CIT(A) erred in law and in the facts of the case in confirming the order of the AO passing order exparte and without considering the evidence filed before it. 4. During the course of hearing before us, the learned Authorised Representative (AR) of the assessee reiterated the factual matrix and contended that both the Assessing Officer and the CIT(A) failed to appreciate the true nature of the assessee's operations and the evidence furnished on record. The AR drew our attention to the detailed reply filed by the assessee under section 148A(b) of the Act, which forms part of the paper book at ....
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....nce" was filed in support of the grounds of appeal, despite the entire compilation (running into 398 pages) being on record. 5. The learned Departmental Representative (DR), on the other hand, relied upon the findings recorded by the Assessing Officer as well as the CIT(A). 6. We have carefully considered the rival submissions and perused the material available on record, including the assessment order, the appellate order passed by the CIT(A), as well as the paper book filed by the assessee. The short issue for consideration in the present appeal is whether the cash withdrawals aggregating to Rs. 39,83,841/- from the assessee's savings account with Bank of Baroda during F.Y. 2018-19 could be treated as unexplained money under section....
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.... to Bank of Baroda and subsequent cash withdrawal. The assessee also submitted that SBI itself required him to maintain a physical register containing details of each transaction along with signatures of recipients, which was submitted during surprise verification visits by SBI officials. The explanation furnished by the assessee has not been rebutted by any contrary material or disproved by the revenue authorities. 6.2 The Assessing Officer, while making the addition under section 69A, did not dispute the genuineness of the bank accounts or the existence of the CSC arrangement. He also did not reject the assessee's books of account or call for any further third-party verification. The addition appears to be made solely on the ground tha....