TaxTMI 
TaxTMI 
2026 (7) TMI 1570
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.... is in appeal before the Tribunal raising the following grounds of appeal as per the enclosure to Form No. 36 which are descriptive and are the submissions of the assessee: "i. FOR THAT your Appellant submits that the Ld. Appellant Authority has passed the order in a very slip shed and perfunctory manner. The Ld. Authority acted arbitrarily in passing the order without considering into the records in the file in detail. Hence the order is void- ab- initio; ii. FOR THAT the Ld. Appellate Authority and Ld. Assessing Authority have failed to appreciate the nature of the business activities of the Appellant and also the withdrawn of cash from one account and deposit the same into another account and these are merely a transfer....
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.... given Assessment Year; vii. FOR THAT the matter of non-compliances of income tax related issues have only been brought to the knowledge by his accountant only after issuing of the Assessment Order under provision of Section 144 read with Section 147 of the Income Tax Act, 1961. Your Appellant immediately made a consultation with an Advocate through his accountant and filed the Appeal enclosing various documents including Tax Audit Report for the given Assessment Year by your Appellant; viii. FOR THAT the Accountant of the Appellant has been admitted into hospital and expired and the documentary evidences of his illness and hospital related documents are enclosed herewith and marked as Annexure G; ix. FOR THAT the....
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....actually been reflected in the books of accounts of the Appellant; xiii. FOR THAT once the amount deposited into bank account of the Appellant and the same is duly recorded in the books of account which have been audited, then the provision of Section 69A cannot be invoked and accordingly the tax cannot be imposed on such deposit of money into the bank account of the Appellant. Appellant would refer to a similar order in the matter of M/s Balsons Jewellers vs. Income Tax Officer, the Honble ITAT, Delhi Bench (ITA No. 563/Del/2024) has observed and passed the order in the matter of provision of Section 69A which reads as follows: ... xiv. FOR THAT the Appellant has deposited the cash collection arising from the sal....
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....648.00 4 Less: Deduction Under Section 80 0.00 5 Taxable Income 6 Tax Payable on Taxable Income 27,630.00 7 Up to Rs. 2,50,000 = NIL From 2,50,001 to 5,00,000 = 5% From 5,00,001 to 10,00,000 = 20% 12,500.00 15,130.00 8 Interest as applicable (01/04/2020 to 31/08/2025, 53 Months - 1% per month) 14,644.00 9 Total Tax with Interest 42,274.00 Your Appellant is willing to pay all the income tax payable as per self-assessment computation of income along with the applicable interest and late fee payable thereon. The Appellant Authority is being folded Handly prayed to kindly take into consideration of....
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....n ex-parte assessment u/s. 147 r.w.s. 144 and 144B of the Act on 28.01.2025, determining the total income at Rs. 59,07,589/- after making an addition of Rs. 14,19,166/- estimated as 8% profit on the unexplained turnover of Rs. 1,77,39,577/-, and a further addition of Rs. 44,88,423/- on account of unexplained money u/s. 69A of the Act. The assessee filed an appeal before the Ld. CIT(A). Despite repeated hearing notices, no written submissions or evidence were furnished apart from a single adjournment request. Observing persistent non-compliance, the Ld. CIT(A) proceeded ex-parte and, confirming the findings of the Ld. AO, dismissed the appeal for non-prosecution. 4. Aggrieved with the order of the Ld. CIT(A), the assessee has filed the ap....
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....m the cash proceeds realized through over-the-counter retail sales. The appellant emphasized that his books of accounts are duly audited, and the Tax Audit Report in Form No. 3CB, reflecting a net profit of Rs. 5,75,648/- for the relevant financial year, has been placed on record. The appellant has strongly contended that the provisions of section 69A of the Act cannot be invoked in the instant case to treat the cash deposits of Rs. 44,88,423/- as unexplained money. It was argued that since all the transactions of sales and purchases are duly recorded in the audited books of accounts, the primary conditions for invoking Section 69A are not satisfied. In support of this contention, the appellant has also placed reliance on the judicial prono....