2025 (5) TMI 2255

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....of six days. Since the delay is minor, the delay is hereby condoned. 3. The assessee has raised following grounds:- "1. THAT considering the fact of the case, the lower authorities erred in confirming the addition of Rs. 8,14,659/- presuming the deposited in bank is out of kerosene sale and recovery and treating the same as unexplained investments u/s 69 is incorrect The addition made is without appreciating evidence on record. The same is improper, unjust and deserves to be deleted. 2. THAT the observation of learned CIT (Appeals) in Para 6.2 at page 16 of appeal order regarding poor compliance relying on para 2 of assessment order is not correct and contrary to record. The observation of CIT (Appeals) and additio....

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.... is based on presumption, without affording reasonable opportunity and without verifying and considering the facts and submission made by the assessee. However, the appellant's plea is not acceptable since the addition has been made after giving sufficient opportunity of hearing to the assessee during the assessment proceedings and after considering his reply/submissions. The AO, after examining the bank accounts and facts of the case, has given his finding in the light of the provisions / Guidelines contained in the Govt. of India's Gazette Notification that the appellant was not allowed to accept the old SBNs after 09/11/2016 for Kerosene sale and recovery from debtors in the guise of earlier sale of petrol/ diesel but he has acce....

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....aken by the appellant. Thus, this ground has been raised without proper merit or substance. Keeping in view the factual position, I am of the opinion that the A.O. was justified in making an addition of Rs. 8,14,659/- on account of making unexplained cash deposit in SBN notes to the extent of Rs. 8,14,659/-which was treated as unexplained investment u/s 69 of the Income-tax Act. 1961 Therefore, the addition made by the AO is hereby confirmed. In result, the Ground Number 1 and 2 raised in this appeal are dismissed." 6. Before me, the learned Counsel for the assessee has furnished Paper Book containing following documents:- "1. Points; 2. Submission before CIT(Appeals) dated 12/03/2024; 3. Sub....