2026 (3) TMI 1404

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....ome declaring total income of Rs. 27,66,800/- after claiming allowable deductions and losses. The case was selected for E-assessment Scheme on the following issues: "(i) Large cash deposits in bank account and assessee has also purchased / sold one or more property(ies) during the year (Both Buying and Selling transactions are to be considered)" 3. Accordingly statutory notice u/s 143(2) of the Income Tax Act, 1961 (hereinafter referred to as 'the Act') was issued to the assessee. Subsequently the Assessing Officer issued notice u/s 142(1) of the Act along with a questionnaire. From the details furnished by the assessee he noted that cash amounting to Rs. 25,13,000/- was deposited in Federal Bank Limited which was subsequently i....

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.... the details. However, the Ld. CIT(A) / NFAC was not satisfied with the explanation given by the assessee in absence of full details with documentary evidence in support of the claim. He, therefore, sustained the addition made by the Assessing Officer. 5. Aggrieved with such order of the Ld. CIT(A) / NFAC, the assessee is in appeal before the Tribunal by raising the following grounds: 1. That the Ld. CIT(A) failed to appreciate that the addition made by the Assessing Officer under section 69A of the Income Tax Act, 1961 is unsustainable in law, as the said provision is not applicable to the facts and circumstances of the present case, and hence the addition so made is liable to be deleted being bad in law and void-ab-initio. ....

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....sits, however, due to some inadvertent errors of the then consultant, full details / evidences could not be filed before the Ld. CIT(A) / NFAC. He submitted that the wife of the assessee who is a practicing Company Secretary also made cash deposits in the joint bank account. Further, the father of the assessee has withdrawn money from Federal Bank Limited account and has given the same to the assessee for purchase of house property. Similarly, the father-in-law of the assessee has also given an amount of Rs. 6,19,000/- by withdrawing the same from his Post Office account to enable his daughter and son-in-law to purchase the house property. He submitted that given an opportunity the assessee is in a position to substantiate his case by filin....