2026 (8) TMI 1178

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....x Act, 1961 (in short, "the Act") dated 27.03.2015 passed by The Income Tax Officer Ward 17(2)(2), Mumbai (in short, "the Ld. AO"). The grounds of appeal raised by the assessee are as under: "1.0 On facts and circumstances of the case and in law, Ld. AddI/JCIT(A) erred in upholding the validity of notice u/s. 148 issued in absence of fresh tangible material, on the basis of borrowed satisfaction and without having reason to believe that income chargeable to tax has escaped assessment; 2.0 On facts and circumstances of the case and in law, Ld.AddI/JCIT(A) erred in confirming the addition u/s. 68 of entire cash and cheque deposits made in the bank accounts of Rs. 21,46,975/-, though relevant details/documents to establish th....

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....itions. It is also submitted that the Ld. CIT(A) had ignored the corresponding debits/payments which ought to have been considered for the purpose of telescoping of the figures and sustaining the peak credit was bad in law. 4. In present case, the assessment of assessee was re-opened u/s. 148 by issuance of notice dated 06.02.2014. The assessment thereafter was completed on 27.03.2015 u/s 144 r.w.s 147 by making an addition of Rs. 21,46,975/-, asduring the assessment proceedings, the assessee was unable to furnish necessary details regarding the cash credits of Rs. 18,71,975 + other credits amounting to Rs. 2,75,000/- appearing in the bank account of the assessee. 5. Being aggrieved, the assessee preferred an appeal before the Ld. CIT....

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....ee in ICICI bank account. To rebut the aforesaid contentions of Ld. Assessing Officer, the assessee submitted that the invoices submitted are genuine and therefore at the most, the transactions of assessee's bank account can be charged for tax on 'Real Income Theory' by applying the provisions of section 44AD, so that the income on such transaction can be estimated at 8%. 7. Per contra, the Ld. DR vehemently supported the orders of Revenue Authorities. 8. We have considered the rival submissions, perused the material available on record. On a perusal of the order of Ld. CIT(A), we find that the assessee has submitted various additional evidences in the form of books of accounts, ITR as well as certain transactions of sales and purchas....