TaxTMI 
TaxTMI 
2026 (6) TMI 553
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....7 r.w.s. 144 of the 1961 Act (Letter No. ITBA/COM/F/17/2019-20/1022454576(1). 2. Brief facts of the case are that the assessee has not filed return of income u/s 139 of the 1961 Act. As per the information available with the AO/AST, it was observed by the AO that the assessee has made cash deposits of Rs. 19,88,450/- in his bank account maintained with Oriental Bank of Commerce (OBC) during the Financial Year 2011-12. The data available with ITD system was analyzed, and it was observed that sources of investment made by the assessee with Mutual Fund, Time Deposits (FD) and interest income remains unsubstantiated especially in the absence of the return of income for the year under consideration The AO issued notice u/s 133(6) to the asses....
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....credit entries in the bank account to the tune of Rs. 14,98,774/-, and there is no explanation submitted by the assessee with respect to these credit entries, thus, the AO made addition of Rs. 14,98,774/- to the income of the assessee as the assessee has not furnished any source of credit entries with documentary evidences and hence the said amount was treated as undisclosed income from undisclosed sources.. The AO disallowed the deduction of Rs. 1,00,000/- claimed by the assessee in his ITR as deduction under chapter VIA, as no documentary evidences in support of deductions were filed by the assessee. 3. Aggrieved, the assessee filed first appeal with Ld. CIT(A). The assessee claimed that the assessee filed return of income on 25.09.201....
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....filed any return of income u/s 139 for the impugned assessment year. It was submitted that the assessee was not having taxable income for the earlier years also, and hence no return of income was filed for earlier years. It was submitted that the assessee is in the business of transportation and is plying trucks and there are more than 10 trucks operated by the assessee, and hence presumptive scheme of taxation under Section 44AD is applicable and not u/s 44AE. It was prayed that principle of consistency is applicable in the income tax proceedings, and since department has accepted return of income for subsequent years u/s 44AD, the return of income filed in response to notice u/s 44AE should be treated as return of income u/s 44AD instead ....
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....sources of such investments remained unexplained. The AO issued notice u/s 133(6) to the assessee to explain, but there was no response from the assessee. The reason for reopening of the assessment were recorded by the AO as the AO has reasons to believe that income of the assessee has escaped assessment. After taking approval from the competent authority, notice u/s 148 was issued by AO, dated 25.03.2019 to the assessee. The assessee did not file any return of income in response to aforesaid notice u/s 148 within the stipulated time, but later filed belated return of income on 25.09.2019. The AO has not taken cognizance of the said return of income. The AO also issued statutory notices u/s 142 and 143(2) of the Act, but there was no compli....
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....as never filed details of trucks even before ld. CIT(A) as also even not before me. Thus, keeping in view in the entire factual matrix of the case, it will be fair and just to both parties and keeping in view principles of natural justice, the orders of both the authorities below are set aside, and the matter is remanded back to the file of AO for framing denovo assessment after giving opportunity to the assessee in accordance with principles of natural justice. The AO shall admit evidences filed by the assessee in his support and adjudicate the same on merits in accordance with law. It is also directed that the assessee be permitted to avail presumptive scheme of taxation u/s 44AD if the assessee satisfies the ingredients / requirements fo....