2025 (3) TMI 2186

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....ief facts of the case are that during the course of assessment, the Assessing Officer noted that on the basis of information available om record, the assessee had deposited cash amounting to Rs. 20,37,140/- in his bank account maintained with Bank of Baroda bearing A/c. No. 03900100007445. In response to notice issued under Section 142(1) of the Act, the assessee submitted that on enquiring with the bank, the assessee found out that the bank account referred to by the Assessing Officer in his 142(1) notice, was a saving bank account in the name of Shri Anup S. Gandhi, who is the brother of the partner Shri Nilesh S. Gandhi. The assessee firm submitted that Mr. Anup Gandhi is not involved in the business of Arochem Industries. It was on acco....

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....eedings u/s. 271(1)(c) of the Act are initiated separately on this issue for willful concealment of income." 3. In appeal, Ld. CIT(A) confirmed the additions in the hands of the assessee. 4. The assessee is in appeal before us against the aforesaid order passed by Ld. CIT(A). 5. Before us, the Counsel for the assessee submitted that the issue is directly covered in favour of the assessee by order of Jurisdictional Surat Tribunal in assessee's own case for A.Y. 2017-18 and 2015-16, wherein on the very same set of facts, Surat Tribunal had given a finding that such bank account did not belong to the assessee and hence deposits made in such bank account could not be added as income of the assessee. Accordingly, in light of Jurisdictio....

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....ssessing officer stating this fact and that since the firm had ceased to exist after conversion, it was not required to file its return of income for AY.2016-17 and 2017-18. During the course of assessment, the AO informed that there were cash deposits 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.....