2026 (3) TMI 279

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....ition of Rs. 1,55,34,265/- made u/s 69A r.w.s 115BBE, ignoring that during assessment proceedings, despite several opportunities, the assessee failed to submit any valid reply/plausible explanation along with supporting documents in respect of the amount of Rs.1,55,34,265/- credited in her bank account. 2. That during assessment proceeding, despite several opportunities, the assessee failed to explain the source of the time deposit made with documentary evidence. 3. That the Ld. CIT(A) erred in admitting fresh evidence such as retirement benefit papers and joint bank documents in contravention of Rule 46A, without affording the AO proper opportunity to examine and rebut such evidences. 4. That the Ld. CIT(A) erred....

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....he Act on 09-03- 2023 and was duly served on the assessee. In response to notice under Section 148 of the Act, the assessee failed to file her return of income but the assessee filed a reply stating that fixed deposits were made in her name by her husband from his retirement benefits received from Bokaro Steel Plant. She further admitted that she received interest of Rs. 12,867/- which is below the taxable limit. The A.O. issued notices u/s 142(1) of Act on 05-10-2023. In response to which the assessee submitted computation of income, interest certificate, form 26AS and Account statement. On verification of the statement of bank account, the A.O noticed that, during the year under consideration, the assessee received total credits of Rs.1,5....

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....tal retirement benefit was Rs.29,18,950/- out of which Rs. 3,22,070/- was deducted towards income tax. It is also noticed that all the bank accounts and the FD/ RD were in the joint name of the assessee and her husband, Shri Anoop Prasad. With regard to the total credit of Rs. 1,55,34,265/- in her Axis Bank account, the assessee contended that the total credit transactions in her Axis Bank saving account is due to Auto Sweep feature active in her account in which fund available in account automatically gets debited and FD creates of that amount. After some time that FD automatically gets closed and the fund gets credited back in the account. It was just the rotation of same fund in the account. On verification of the statement of above ment....

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....f the Assessing Officer may be upheld. 6. The assessee herself appeared to defend her case and vehemently supported the order of the ld. CIT(A). 7. We have considered the rival submissions and we find that the ld. CIT(A) has passed a speaking order considering all the materials available on record. The ld. CIT(A) held that assessee received total of credits of Rs.1,55,34,265/- in her Axis Bank account. The assessee is a house wife and received fixed deposit of Rs. 15,00,000/- in her name made by her husband upon receipt of his retirement benefits. The ld. CIT(A) also held that her husband, Shri Anoop Prasad, was the employee of Bokaro Steel Plant and was retired on 31-01- 2019. His total retirement benefit was Rs.29,18,950/- out of wh....