TaxTMI 
TaxTMI 
2025 (2) TMI 1958
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....t wherein the assessee's total income was determined at Rs. 3,96,920/- as against returned income of Rs. 96,920/-. Relevant portion of the assessment order dated 21/03/2014 is reproduced as under: "During the year under consideration, assessee has made capital introduction of Rs. 7,90,266/- in the firm M/s Jai Ambe Cold Storage but no return of income for said assessment year was filed by the assessee. On this very basis, action under section 147 of the IT Act, 1961 was taken and notice under section 148 of the IT Act, 1961 was issued on 01.00.2012. Vide questionnaire dated 23.10.2013, assessee was required to substantiate sales shown from trading of vegetables along with supporting evidences. In compliance, written reply ....
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....ed 21/03/2014 was dismissed by learned CIT(A) vide order dated 31/03/2018. The assessee filed appeal against the aforesaid order dated 31/03/2018 of learned CIT(A), in Income Tax Appellate Tribunal. Vide order dated 16/12/2020, Income Tax Appellate Tribunal set aside the case to the file of the Assessing Officer to pass assessment order afresh. In consequential assessment order dated 24/03/2022 passed afresh by the Assessing Officer u/s 147 read with section 254, read with section 144B of the Act, the Assessing Officer did not give any further relief to the assessee, and the earlier addition of Rs. 3,00,000/- made in original assessment order dated 21/03/2014 was made once again. Vide impugned appellate order dated 18/09/2024 (DIN & Order N....
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....as without providing reasons hence the assessment liable to be declared illegal. 5, That in any view of the matter interest charged under different sections is highly unjustified." (B.2) The assessee also submitted statement of facts, which are reproduced below: "That the Appellant is an individual and is one of the partner in the firm and styled as M/s Jai Ambey Cold Storage and is assessed to income tax for the last number of years. The appellant source of income is from firm as salary & Interest as per deed as well as the appellant's owns 8 bighas agricultural land at Lakarhara, Ghazipur. The Appellant is aged about 64 years and his sons are already settled long ago government service as well as business. In the ....
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....ders passed by the Assessing Officer and the learned CIT(A). On perusal of records, it is found that the assessee credited a sum of Rs. 6,00,000/- in his personal account in the books of firm M/s Jai Ambey Cold Storage. The assessee's claim that the aforesaid amount of Rs. 6,00,000/- was out of past savings, was not fully accepted by the Assessing Officer. The Assessing Officer accepted past savings to the extent of Rs. 3,00,000/- as genuine and made an addition of the remaining amount of Rs. 3,00,000/-. On perusal of the statement of facts (reproduced in foregoing paragraph No. (B.2), it is found that the assessee was assessed to income tax for many years. The assessee earns income from firm in which he is a partner, as salary and interest....