2025 (2) TMI 1500

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....w in so far as they are against the appellant are opposed to law, equity, weight of evidence, probabilities, facts and circumstances of the case. 2. The learned CIT[A] is not justified in upholding the impugned order passed u/s.147 rws 144B of the Act dated 25/03/2022 by the A.O. which is bad in law and void-ab-initio in as much as, the said assessment u/s. 147 of the Act, has been made after the substitution of section 147 of the Act, by the Finance Act, 2021 w.e.f. 01/04/2021 and consequently, the impugned order passed under the erstwhile provisions of section 147 of the Act, is a nullity since, the said provisions do not exist in the statute after substitution and consequently, the order passed deserves to be annulled. ....

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.... 6. Without prejudice to the right to seek waiver with the Honble CCIT/DG, the appellant denies himself liable to be charged to interest u/s. 234-A and 234-B of the Act, which under the facts and in the circumstances of the appellant's case deserves to be cancelled. 7. For the above and other grounds that may be urged at the time of hearing of the appeal, your appellant humbly prays that the appeal may be allowed and Justice rendered and the appellant may be awarded costs in prosecuting the appeal and also order for the refund of the institution fees as part of the costs." 2. The brief facts of the case are that the assessee is an individual and received income from house property and other sources but not filed their....

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....ness of the transaction. The AO also sought for the details about the PAN of the relative along with the evidence of filing their return of income, otherwise the said loan amount would be treated as unexplained cash credit u/s. 68 of the Act. The assessee thereafter filed their objections in which the assessee explained the details sought for by the AO. The AO after going through the objections had accepted the repayment of principle amount since the same has been inadvertently shown as principle amount but actually it is the payment of LIC premium for the assessee and his children. With regard to the payment of interest paid to his relative, the AO estimated the principle amount by applying the reasonable rate of interest at 12% and a sum ....

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....t granting such an opportunity had passed the order, therefore the same is liable to be set aside. 4. The Ld.DR relied on the orders of the lower authorities and prayed to dismiss the appeal. 5. We have heard the arguments of both sides and perused the materials available on record. 6. The assessee had raised the ground nos. 2 and 3 which are all the legal grounds but at the time of hearing, the Ld.AR submitted that they are not pressing the said legal grounds and therefore the said grounds are dismissed as not pressed. 7. Insofar as the other ground nos. 4 and 5 are concerned, let us first go through the assessment order in which the AO had estimated the principle amount based on the interest paid to his wife. From the assessme....

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....in terms of Rule 46A of the Rules and sought for the permission of the Ld.CIT(A) to file a detailed written submissions along with the additional evidences but unfortunately the Ld.CIT(A) had decided the appeal without granting an opportunity as sought for by the assessee in the statement of facts. Further, it is not clear based on the orders of the authorities whether the loan amount has been obtained during the current year or in the earlier years as stated by the assessee. There is also no finding by the AO in respect of the same. The assessing officer considered the payment of interest and on that basis, estimated the loan amount and treated the same as unexplained cash credit u/s. 68 of the Act. Therefore the said addition is merely ba....