2025 (12) TMI 590

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..... 2. The appeal is time barred by 122 days. The assessee has filed an application supported by an affidavit citing reasons causing delay in filing of appeal. After perusal of the same, we are satisfied that delay in filing of appeal is not intentional, the delay has been caused for the reasons stated in petition which appears to be bonafide. Thus, delay of 122 days in filing of appeal is condoned and appeal is admitted for decision on merits. 3. Shri Pranshu Singhal, appearing on behalf of the assessee submits that the assessee is an ex-service man and has never entered into any international transaction. Yet, the assessment was completed invoking the provisions of section 144C of the Income Tax Act, 1961 (hereinafter referred to as '....

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....ted that since the assessment u/s.148 of the Act has been initiated beyond the period of three years and the amount is less than Rs. 50,00,000/, the assessment proceedings u/s. 148 r.w.s. 147 of the Act are bad in law. 3.2. The ld. AR further submitted that the explanation furnished by the assessee were ignored and the Assessing Officer (AO) passed the Draft Assessment Order dated 22.03.2024 making addition of Rs. 52,40,000/-. The assessee filed objections before the Dispute Resolution Panel (DRP) inter alia objecting to initiation of proceeding u/s. 148 of the Act beyond three years, even, though the amount was less than Rs. 50,00,000/- and on merits explaining the source of cash deposits of Rs. 26,20,000/- in the bank account. The DRP ....

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....ty of proceeding u/s.148 of the Act on the ground of limitation. Notice u/s.148A(b) of the Act was issued to the assessee on 30.03.2022 for the following reasons: The assessee has not filed Return of Income for the year under consideration and details of the assessee nature of business activities and details of Return of Income is not available. As per information available with this Office you have made cash deposit of Rs. 26,20,000/- with State Bank of India, Corporate Centre as per AIR information & Rs. 26,00,000/- with State Bank of India, Bahadurgarh as per CIB information during the Financial Year 2014-15 relevant to Assessment Year 2015-16. `Since you have not disclosed all the material facts/ above transac....

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....considered twice. The AO instead of verifying the same made addition of Rs. 52,40,000/- (i.e. after considering same transaction of Rs. 26,20,000/- two times). After directions of the DRP, the AO examined the issue and concluded as under:- "Pursuant to the directions issued by the Hon'ble Dispute Resolution Panel (DRP), the addition of Rs. 17,11,500/- is hereby deleted. Consequently, the impact of this deletion will be duly incorporated while computing the taxable income of the assessee. Further, upon examining the information that formed the basis for reopening the case, it has been observed that the amount of Rs. 26,20,000/- was inadvertently taken into account twice while passing the order under Section 148A(d) of the Act. A....