2025 (12) TMI 1711

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....he relevant Assessment Year is 2020-21. 2. The grounds raised by the assessee read as follows:- 1. That the learned CITTAI erred in law and on facts in confirming the addition of Rs.4,50,000/- alleging unexplained cash receipt based on the excel sheet in laptop found during the investigation conducted in the premises of M/s Kuantum Papers Ltd without any direct evidence. 2.That the addition made u/s 69A is purely based on third party information which was neither corroborated with any evidence nor was the appellant allowed to cross examine the said party. The appellant was unaware of the statement or excel sheet data that was used against him until he received the notice and assessment order depriving him of opportunity....

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.... 4,50,000/-. Accordingly, the case of the assessee was reopened by issuance of notice u/s. 148 of the Act on 29.03.2024 for the assessment year 2020-21. The assessee replied on 11.06.2024 stating that assessee had already filed his return of income disclosing all the payments received and was not aware of the alleged cash receipt of Rs. 4,50,000/- from Kuantum Papers Ltd. The AO however, rejected the objections of the assessee and completed the assessment u/s. 147 r.w.s.144 of the Act vide order dated 29.03.2025, wherein he had made addition of Rs. 4,50,000/- as cash received from Kuantum Papers Ltd., not disclosed in the return of income. 4. Aggrieved by the assessment completed, assessee filed appeal before the First Appellate Authorit....

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....present appeal before the Tribunal. The Ld.AR reiterated the submissions made before the income-tax authorities. 6. The Ld.DR strongly supported the orders of the AO and the FAA. 7. We have heard rival submissions and perused the materials available on record. The assessee is a retired Colonel of the Indian Army. For the relevant assessment year, he had received defense pension. The assessee was also engaged in providing consultancy services in operation of Resorts and House boats. Assessee admittedly had disclosed in his return of income a sum of Rs. 18.3 lakhs from Kuantum Papers Ltd., as consultancy charges. 8. The case of the AO is that assessee has not disclosed Rs. 4,50,000/- (cash receipt) in his return of income. The AO had....