TaxTMI 
TaxTMI 
2025 (3) TMI 2297
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....ve the source of investment which was remained unexplained in absence of documentary evidence." ITA No. 3019/MUM/2024 "1. The learned CIT(A) has erred in law and on facts in upholding the order passed by the Assessing Officer u/s 144 of the Income-tax Act, 1961, which is illegal and bad in law and in violation of the principles of natural justice. 2. The learned CIT(A) has erred in law and on facts in passing the appellate order against the principles of natural justice. 3. The learned CIT(A) has erred in law and on facts in upholding the addition of Rs. 46,19,500/- u/s. 69A of the Act on account of cash deposited in the bank account. 4. The learned CIT(A) has erred in law and on facts in upholding the addition of Rs. 1,02,58,276/- u/s. 69 of the Act on account of unexplained fixed deposits. 5. The learned CIT(A) has erred in law and on facts in upholding the action of the Assessing Officer in invoking the provisions of S. 115BBE of the Act. 6. The learned CIT(A) has erred in law and on facts in sustaining the levy of interest u/s. 234A, 234B and 234C of the Act" 2. The AR also submitted that the assessee wishes to take th....
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....ated that none of the fixed deposits were made during this financial year and were only redeemed during the financial year relevant to the impugned assessment year. It was submitted that in spite of the same, the AO has gone ahead and made the addition holding that the assessee could not explain the source of investment of the fixed deposit amounting to Rs. 1,02,58,276/- and in this regard, our reference was drawn to the relevant findings of the AO which are contained at para 19.3 to 19.6 of the assessment order and the contents thereof reads as under: "19.3 I carefully gone through the details of FDRs submitted vide letter dated 19.11.2019 and 06.12.2019 wherein it was stated that investment in FDR with various bank are since year 2012. It is further stated that the same has been renewed time to time on accrual basis. The contention of the assessee has been considered wherever investment in FDRs belong to FY 2010-11 & 2011-12(AY 2011-12 & 2012-13) have been taxed as unexplained investment. 19.4 Section 69 of the IT Act Where in the financial year immediately preceding the assessment year the assessee has made investments which are not recorded in the boo....
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.... earlier years and only got matured in financial year 2016-17 relevant to impugned A.Y. 2018-19 and the contents of the additional evidence are summarized as under: i. "Fixed Deposit summary from FY 2008-2009 to FY 2016-2017 ii. Corporation Bank - Fixed Deposit Account Statement iii. Bank of Baroda - Certificate from Bank certifying that fixed deposits were made in FY 2012-2013 iv. Bank of Baroda - Interest Certificates from the Bank for the period 01-01-2011 to 31-03-2017-from each Fixed Deposits with the bank v. Bank of India - Fixed Deposit Balance Certificate from bank for the balance as on 31-03-2014, 31-03-2015 and 31-03-2016 vi. Bank of India - Fixed Deposit Interest Certificate from bank for year FY 2011-2012 to FY 2016-2017 vii. IDBI Bank-Fixed Deposit Account Statement viii. Axis Bank Statement-showing creation of fixed deposit in FY 2012-2013 and redemption of fixed deposit in FY 2016-2017 ix. Kotak Bank-Certificate from Bank for Fixed Deposits over the period 13-08-2011 to 28-05-2021" 7. It was submitted that these are genuine and crucial documents to decide on the merits of the addition....
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....roceeds from sale of jewellery already offered to tax in the return of income, the Ld. DR submitted that apparently there is no finding recorded by the AO and the matter therefore needs to be remitted back to the file of the AO. 11. Now coming to the appeal filed by the Revenue where the Revenue has challenged the deletion of addition towards unexplained investment in flat amounting to Rs. 1,10,31,195/-, it was submitted by the ld DR that the Ld. CIT(A) has passed a very cryptic and a non-speaking order and it is not clear as to the basis and the reasoning adopted by the Ld. CIT(A) while passing the impugned order wherein the said addition has been deleted. It was submitted that there is no finding recorded by the ld CIT(A) establishing the linkage between the investment in flat and source of such investment and merely the fact that there are deposits in the bank accounts and there are subsequent withdrawals/transfer towards investment in Flat is not sufficient unless necessary linkage is established especially the quantum and time of deposits and quantum and time of investment. It was submitted that the Revenue is accordingly aggrieved with the said findings of the Ld. CIT(A) a....
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.... issued by the respective banks will help corroborate the bank statement and the explanation so submitted by the assessee in terms of source of such deposits which have been credited during the year and thus, goes to the root of the matter and are essential and germane to explain the nature and source of deposits in the bank account of the assessee and the same are thus admitted and matter is remitted back to the file of the AO to verify and examine the same and decide the matter afresh as per law after providing reasonable opportunity to the assessee. 14. Regarding addition of Rs. 46,19,500/- made by the AO towards unexplained cash deposits invoking provisions of section 69A of the Act, admittedly, an affidavit has been filed by the assessee during the course of assessment proceedings explaining the source of such deposits out of sale of jewellery belonging to family members of the assessee and as claimed, the gains thereof have also been offered in the return of income so filed by the assessee, however, there is no finding recorded by the AO, hence, we deem it appropriate to remand this matter as well to the file of the AO to examine the same afresh as per law after providing ....