TaxTMI 
TaxTMI 
2025 (12) TMI 730
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....,84,315/ (2) Learned A.O. erred in law as well facts in making addition u/s. 68 sum of Rs. 70,38,117/- as unexplained income with regard to bank credits which made out of normal course of business and initiate the separately penalty proceeding u/s. 271B as well as Ld. Commissioner of Appeals (NFAC) by not considering the submission fully, rather than deleting the addition partly substained to the extent of Rs. 7,49,971/-. (3) Learned Commissioner of Appeals (NFAC) erred by not considering the facts and submissions regarding not given effective opportunity to being heard by Ld. assessing officer, dismissed the ground of appeals as well as not providing adequate opportunity for the appellant to present his case, thereby violating the principles of natural justice. (4) Learned A.O. erred in issuance of the notice under Section 148 as well as Learned Commissioner of Appeals (NFAC) erred by not considering the facts and submissions regarding the notice issued beyond the time limit prescribed under the Income Tax Act, rendering the reassessment proceedings invalid. (5) Learned A.O. erred in law as well as on facts making assessment u/s. 147 r.w.s 144 r....
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....ependent opinion has been arrived after due application of mind. 1. Findings of the assessing officer: In this case, the assessee deposited cash/cheques/RTGS in various bank accounts amounting to Rs. 1,61,84,806/- during the F.Y. 2012-13. 1. Basis of forming reason to believe and details of escapement of income: In this case, the assessee filed return of income on 30/12/2014, declaring total income Rs. 1,85,850/- and agricultural income of Rs: 2,48,610/- for A. Y. 2013-14. On perusal of report of ADIT(Inv.), Jamnagar available at INSIGHT Portal, it is found that the assessee made high value transaction in bank accounts during the F. Y. 2012-13. The notices were issued to the below mentioned banks and asked to furnish the copy of bank statement of the assessee for F. Y. 2012-13 which were furnished and deposits are summarized as under- Sr. No. Name of the Bank Account No. Total credits 1 HDFC Bank Ltd, Mithapur 14462560000299 1,05,86,946/- 14461000003156 43,42,930/- 2 Bank Mithapur of Baroda, 03700100027100 12,54,930/- Total credits 1,61,84,806/- Further, on going through....
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.... issue notice u/s. 148 has been obtained separately from the Principal Commissioner of Income Tax Jamnagar as per the provisions of section 151 of the Act. 4. Accordingly, notice u/s. 148 of the Act, dated 31.03.2021, was issued and served upon the assessee through his e-mail id. In response, the assessee filed 'unverified" hence "invalid" return of income on 29.05.2021. Also, the return has been filed by beyond time allowed as per the notice. Thus, the assessment proceedings were carried on u/s. 144 of the Act. A notice u/s. 142(1) of the Act was issued on 13.01.2022, calling for certain details from the assessee. The assessee filed his response on 20.01.2022 and requested to provide reason for re-opening his case. Thereafter, the assessment proceedings were carried on u/s. 144B of the Act, that is, 'Faceless Assessment'. The assessee was provided reason for reopening vide letter dated 02.02.2022. The notice u/s. 142(1) of the Act was issued on 02.02.2022 calling for certain details. In response to notices u/s. 142(1) of the Act, the assessee filed his reply on ITBA portal on 24.02.2022, which is as under: "I am running our business of Grain, pulses etc on ....
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....e assessee carried the matter in appeal before the Ld. CIT(A) who has confirmed the action of the assessing officer observing as follows: "I have perused the order of the assessing officer, submissions of the assessee and remand report of the Assessing officer. After perusing the submissions, I am of the considered view that the unaccounted credits in the bank accounts of the assessee are the be calculated as below: Therefore, the unexplained credits in the account of the assessee are Rs. 7,49,971 (Rs. 1,59,77,560- Rs 1,52,27,589). 7. As a result, the addition made by the assessing officer was partly sustained by ld.CIT(A) to the extent of Rs. 7,49,971/-. 8. Aggrieved by the order of the Ld. CIT(A), assessee is in further appeal before this Tribunal. 9. The Ld. Counsel for the assessee submitted that in the assessee's case under consideration, the assessment year involved is the assessment year (A.Y.) 2013-14 wherein the last date for issue of notice u/s.148 of the Act, is 31st March, 2020. However, the assessing officer issued notice on 16th April, 2021 u/s.148 of the Act. Therefore, notice issued by the assessing officer is invalid, and consequently, th....