2026 (5) TMI 937

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ble Dispute Resolution Panel-3, Mumbai-3. 2. The grounds of appeal are as under:- 1) On the facts and circumstances of the case the Income Tax Officer International Taxation 1(1)(1) had passed the assessment order u/s 147 rws 144C (13) of the IT Act, taking into consideration the instructions given by DRP-3, Mumbai which is completely disregarding the factual aspects of the case, and ignoring the evidences and details submitted and made this addition of Rs. 8,45,000/- without any basis and ignoring the facts and details submitted. There is no amount which is taxable in the hands of the appellant. Thus the treatment given by the assessing officer is wholly wrong, ill conceived and is against the provisions of Income Tax Act 1961 ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e basis of the information, reassessment proceeding was initiated and thereafter, draft assessment order as per the provisions of section 143(3) r.w.s. 144C(1) of the Act was passed. Aggrieved with the proposed addition, as per the provisions of section 144C(2) of the Act, the assessee filed objections before the ld.Dispute Resolution Panel which upheld the addition proposed by the AO and dismissed the grounds of objection raised by the assessee. Accordingly, the draft assessment order was finalized under the provisions of section 143(3) r.w.s. 147 r.w.s. 144C(13) of the Act. 4. Ground nos. 1 and 2 pertain the addition in regard to the cash payment to LIC amounting to Rs. 8,45,000/-. The assessee had initially denied and refused to ackno....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... the payment except cash payment to LIC had been made through cheques. Despite having been given ample opportunities to explain the source of cash payment, assessee completely failed to explain source of cash payment of Rs. 8,45,000/- made to LIC on a policy in his own name. Therefore, the amount was added back to the total income of the assessee under section 69 of the Act, as unexplained cash credit. Aggrieved with the variation in the computation of income, the assessee had filed an objection before the DRP against the draft order 144C of the Act and the Hon'ble DRP upheld the addition proposed and dismissed the grounds of objection raised by the assessee. 5. Before us, the ld.AR has submitted that the assessee is NRI and settled in H....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... was well explained to the AO, as well as to DRP, however they had not considered this in the right perspective and misunderstood the same. 5.1 It is further submitted that on page 37 of the draft assessment order, the AO himself had pasted the entire year's bank statement, yet he narrated the wrong facts that the full bank statement was not submitted. The bank statement depicted the entire year statement and the withdrawal of said Rs. 8,50,000/- on 25/04/2016 and subsequent deposit of the same in LIC. The bank statement of NRE account of the assessee was also enclosed evidencing the withdrawal of the cash of Rs. 5,00,000/- on 11/04/2016. The balance of Rs. 4,59,967/- was previous balance in the said bank statement coming from the ea....