2026 (6) TMI 558

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.....O. as well as Learned CIT (A) has erred in law and on facts while making afore said addition, the learned A.O. has made the addition while not properly interpreting the facts of the appellant in the true spirit. 2. The learned A.O. as well as Learned CIT (A) has erred in law and on facts while not considering that the appellant had agricultural income and had also income from the C & F agency as well as had cash on hand which had been deposited in bank and the source of all the funds was available. 3. The learned A.O. as well as Learned CIT (A) has erred in law and on facts while on his own surmises and conjectures with a pre determined mind and estimates, had concluded that the persons those whom have given unsecured loa....

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....erred in law and on facts since the learned A.O. has made the addition while not properly interpreting the facts of the appellant in the true spirit. The appellant had agricultural income and had also income from the C & F agency. During the course of assessment proceedings the appellant had submitted the cash book and bank book wherein each and every entry with narration was explained. However, the learned A.O. and learned CIT (A) without considering the same has proceeded to make the addition. The learned A.O. on his own surmises and conjectures with a pre determined mind and estimates, had concluded that the persons those whom the credit entries have been received are unexplained. 2. The learned A.O. as well as Learned CIT (A) h....

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.... income. As per the information, during the financial year 2011-12, the assessee deposited Rs.30,000/- cash in Oriental Bank of Commerce and received interest of Rs.51,702/- and commission income of Rs.2,934/-. The Ld. Assessing Officer (in short "Ld. AO") issued notice u/s 148 of the Income Tax Act, 1961 (in short "the Act") and initiated reassessment proceedings u/s 147 of the Act. The assessee thereafter filed return of income on 29.03.2019 for Rs.1,53,110/-. The case of the assessee was selected for scrutiny assessment and the Ld. AO observed that the assessee has received unsecured loan from various parties in cash more specifically mentioned on page 6 & 7 of the assessment order. Since the assessee failed to explain the nature of rece....

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.... u/s 234 of the Act, the same is unjustified. 7. The Ld. Departmental Representative (in short "Ld. DR") for the Revenue submitted that the assessee has not given the details related to these parties and for what purpose the assessee received the cash that was also not explained by the assessee before the Ld. AO as well as the Ld. CIT(A). 8. Heard both the parties and perused all the relevant materials available on record. It is pertinent to note that the assessee has given the details of all the parties related to the cash received from those parties. In fact, the Ld. AO has not doubted that the assessee received amount from these parties but only a conjecture and surmises held that the assessee failed to explain the nature of receip....