2025 (3) TMI 1801

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....dismissing the appeal of the assessee against the order of the Assessing Officer (AO) passed under section 147 read with section 144B of the Act pertaining to Assessment Year 2017-18. 2. None appeared on behalf of the assessee at the time of hearing today nor filed any application seeking adjournment giving reasons for non-appearance. It is noted that the appeal has been listed for hearing on twelve occasions. On the earlier occasions, when the matter came up for hearing, adjournment was sought repeatedly by the ld.counsel for the assessee, Shri Sulabh Padshah. On 26.12.2024 when the matter came up for hearing, the ld.counsel for the assessee filed a letter seeking to withdraw his power of attorney. Accordingly the matter was adjourned t....

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....e AO had information regarding substantial deposits amounting to Rs. 2.05 crores credited to the assessee's bank account maintained with HDFC Bank, Navrangpura Branch, during the relevant year. The AO had further information indicating that the said amount was transferred via RTGS/NEFT from the bank account of one Shri Durgesh Anandbhai Davada, proprietor of M/s. Harbhole Enterprise, a business entity engaged in cheque discounting and cash transactions for various persons and entities. It was further noted that the assessee had subsequently transferred funds to various parties through RTGS/NEFT after receiving cash deposits. Given that the assessee was identified as one of the beneficiaries receiving funds from M/s. Harbhole Enterprise, and....

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....ovide any further explanation. Consequently, the AO treated the entire amount of Rs. 2.05 crores received from M/s. Harbhole Enterprise as unexplained credit and added it to the total income of the assessee. 8. It is, therefore, evident that the assessee has not cooperated even during the assessment proceedings. The assessee does not seem to be aware of the seriousness of the proceedings, giving conflicting explanations as suits his whims and fancies without even caring to explain the inconsistencies in the explanation. 9. In view of the aforementioned facts, as emerging from the orders of the Revenue authorities and the material available on record, it is apparent that the assessee has adopted a lackadaisical approach and has not dem....