2025 (3) TMI 1962

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....s filed with a delay of 81 days. The assessee filed an affidavit for condonation of delay explaining reasons for the said delay and prayed for condonation of that delay. On perusal of the condonation petition and upon hearing the ld. DR, we find that the reasons explained by the assessee are bonafide and therefore, the delay is condoned and admitted the appeal for adjudication. 3. We find that this appeal was filed on 20.11.2024. After scrutiny, the Registry fixed the appeal for hearing on 13.02.2025 and intimated the said date of hearing to the assessee vide notice dated 11.12.2024 by RPAD. We find no representation on behalf of the assessee or any application filed seeking adjournment on 13.02.2025. The Bench adjourned the appeal heari....

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.....2019 by determining the total income of the assessee at Rs..16,81,000/-. 5. Having aggrieved by the order of the Assessing Officer, the assessee filed an appeal before the ld. CIT(A). It was contended that the source of cash deposits was gold loan obtained in cash and the assessee was forced to deposit the money in cash from the loan. In support of the same, the assessee furnished 3 gold loan certificates before the ld. CIT(A). We find that the gold loan certificates were reproduced at page 5, 6 & 7 of the impugned order. We find that the said gold loan certificates furnished by the assessee were matured on 09.11.2011 and are relevant to the financial year 2011-12 (AY 2012- 13). Further, he did not accept the statement of the assessee t....

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....at these loans were not taken during the F.Y. 2011-12. Further, while the appellant submitted copies of gold loan maturity notices, he failed to file the relevant sanction letters from which it could have ascertained that (i) when the loan was actually disbursed; and (i) what was the mode of disbursal of such loans. From the material available on record, it is not substantiated that the impugned loans were disbursed by HDFC Bank in cash, In view of the same, the appellant statement that he has pledged gold and obtained loan in cash cannot be accepted. Further, after filing the initial submissions, the appellant failed to respond to subsequent notice. He could have utilized this opportunity to establish his claim by submitting necessary docu....