TaxTMI 
TaxTMI 
2026 (4) TMI 1615
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....ing the fact that the notice u/s. 143(2) of the Income Tax Act, 1961, was issued without adhering to the CBDT Circular F.no. 225/157/2017/ITA.Il dated 23/06/2017, which is binding on the Assessing Officer. That the said notice is invalid, and the assessment framed pursuant thereto is void ab initio and ought to be quashed Without Prejudice to the above, 1. The Ld. Commissioner of Income Tax (Appeals)-NFAC erred in confirming the addition of Rs. 13,95,020/-u/s. 69A of the Income-tax Act, 1961 without appreciating the factual matrix of the case and the submissions made by the appellant. That the addition made is based on conjectures, surmises and ought to be deleted. 2. The Ld. Commissioner of Income Tax (Appeals)-NFAC erred....
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....onus is on the assessee to prove that his parents are actually earning. The AO recorded that no attempt was made by assessee to show the earning of his parent. So far as credit in the bank account of assessee, wife of assessee is concerned such credit is from the assessee's own account. The assessing officer, thus, not accepted the explanation furnished by assessee and the cash payment of Rs. 13,95,020/- was treated as unexplained money under section 69A. Aggrieved by the additions in the assessment order, the assessee filed appeal before ld. CIT(A). Before ld. CIT(A), the assessee made similar submission. The ld. CIT(A) confirmed the action of assessing officer by taking view that the ld. CIT(A) confirmed the action assessing officer by ta....
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....ein he suffered huge business losses. Thus, he discontinued such business. The assessee was required to various small loans from banks. The mother and wife of assessee of assessee is also filing regular return of income showing their independent source of income. Thus, the assessee has substantiated source of cash deposit. 4. On the other hand, the ld. Sr. DR for the revenue supported the order of lower authorities. The ld. Sr. DR submits that assessing officer has rejected the evidence in the form of affidavit. There was no such source of income for giving such cash gift to the assessee by either of the family members. Thus, the assessee failed to substantiate capacity of cash gift by family members. 5. I have considered the rival su....
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....of Rs. 3,00,000/- given by Meghna S. Mehta is reasonably explained and accordingly, deleted. So far as gift from Vidya Mehta (mother) is concerned. She has shown gift of Rs. 4,50,000/-. Perusal of bank statement for relevant financial year shows that she is regularly getting some certain credit in her bank account by way of UPI credit. No doubt certain credit entry are from bank account of assessee. Thus, regular credit in the bank account of mother is also shows some systematic activity, therefore, entire cash gift cannot be treated as unexplained. Considering the amount of return of income is very meager therefore 50% of cash gift is accepted as reasonable one. Thus, further relief of Rs. 2,25,000/- is allowed to the assessee. So far as c....