TaxTMI 
TaxTMI 
2026 (4) TMI 1397
X X X X Extracts X X X X
X X X X Extracts X X X X
.... Centre (NFAC) Delhi, dated 13.11.2025, which in turn arises out an order passed by the Assessing Officer u/s 147 r.w.s. 144B of the Act, on 25.05.2023. 2. The grounds of appeal raised by the assessee are as follows: 1. The grounds of appeal mentioned hereunder are without prejudice to one another. 2. The Ld. Commissioner of Income-tax (Appeals), National Faceless Appeal Centre, Delhi (hereinafter referred to as the "CIT(A)"] erred on facts as also in law in rejecting ground of appeal related to validity of notice issued u/s 148 of the Income tax Act, 1961. That on facts as also in law, proceedings-initiated u/s. 147 of the Act is invalid and assessment finalized on such invalid initiation deserves to be quashed and may....
X X X X Extracts X X X X
X X X X Extracts X X X X
....deemed to have been issued under section 149A of the Act, as substituted by the Finance Act, 2021 and is construed or treated to be show-cause notice in terms of section 148A(b) of the Act. Accordingly, order u/s 148A(d) was passed on 30/07/2022, after providing necessary information and documents to the assessee and also after providing reasonable opportunity of being heard to the assessee. Subsequently, order u/s 148A(d) of the Act was passed on 30.07.2022 and notice u/s 148 of the Act, was issued on 30.07.2022. 4. In response to the notice of the assessing officer, the assessee submitted written submission, before the assessing officer, along with documentary evidences, which is reproduced below: "Your assessee had filed retu....
X X X X Extracts X X X X
X X X X Extracts X X X X
....n period. It is clear from the above that cash deposited in bank account as referred in notice represents cash withdrawn from the Axis Bank account and cash on hand accumulated through transportation charges received in cash. It may be seen from the return of income filed for assessment year 2016-17 that there was cash balance at the beginning of the year for Rs. 1,21,350/-. Thus there was sufficient cash available with the assessee to deposit the same into his bank account." 5. However, the Assessing Officer rejected the above contention of the assessee and held that based on the above facts and as per the information received and after considering the initial submissions made by the assessee, the amount of Rs. 15,50,000/-, was....
X X X X Extracts X X X X
X X X X Extracts X X X X
....e filed return of income, declaring income at Rs. 2,94,770/-. As the assessee is engaged in the transport business and earns income from goods carriage services, therefore, return of income was filed by the assessee, declaring income under presumptive income scheme, as provided under section 44AD of the Act. During the course of assessment proceeding, it was explained that assessee had deposited cash in his bank account from transportation receipt and cash withdrawal from bank accounts. Most of the cash deposited in bank account represents, assessee's transportation receipts, received in cash. This was well explained to the assessing officer vide assessee's reply filed on 10-02-2023, before assessing officer. The assessee furnished copy of ....