2024 (2) TMI 1676

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....under section 144 r.w.s. 147 of the Income Tax Act, 1961 (hereinafter referred to as "the Act"), dated 31.03.2022. 2. The grounds of appeal raised by the assessee are as follows: "On the facts and circumstances of the case as well as law on the subject, the learned CIT (A) has erred in not admitting the appeal u/s 249(4) when no tax was payable as advance tax. 2. On the facts and circumstances of the case as well as law on the subject, the learned assessing officer has erred in making addition of Rs. 17,82,600/- on account of unexplained money u/s 69A of the Act. 3. On the facts and circumstances of the case as well as law on the subject, the learned assessing officer has erred in taxing the addition by ta....

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....ating the same as unexplained money under section 69C of the Income Tax Act, 1961 and the same was added to the total income of the assessee for the assessment year 2017-18. 4. On appeal, ld. CIT (A) confirmed the addition made by the assessing officer, therefore, assessee is in appeal before this Tribunal. 5. Ms. Chaitali Shah, Learned Counsel for the assessee, begins by pointing out that the assessee under consideration was not in existence, during the assessment year (AY).2017-18, therefore it was not required to file its return of income. The Ld. Counsel stated assessee-firm was converted into a Private Limited Company namely, Arochem Industries Private Limited, on 12.03.2014, hence in the assessment year (AY).2017- 18 it was not ....

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....its to the tune of Rs. 17,82,600/- made by assessee in savings account with Bank of Baroda Account No. 03900100007445, during the year under consideration. The AO had himself called for the details regarding this bank account and he found that it was a savings account in the name of Anup S Gandhi. However, the PAN mentioned in this savings account as per the records of the bank, was of the assessee-firm Arochem Industries. Now, Mr. Anup S. Gandhi is the brother of partner of the assessee- firm Mr. Nilesh S. Gandhi. But Mr. Anup was not at all involved in the business of Arochem Industries and had nothing to do with the assessee-firm. Actually Arochem Industries was banking with Bank of Baroda C P Tank Branch for the last three dec....