TaxTMI 
TaxTMI 
2026 (8) TMI 1330
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....tre (NFAC), Delhi [hereafter "the Ld. CIT(A)] dated 30.05.2025 for AY 2013-14, DIN & order No. ITBA/NFAC/S/250/2025-26/1076591970(1) and for AY 2014-15, order dated 30.05.2025 DIN & order No. ITBA/NFAC/S/250/2025-26/1076595099(1) respectively. 2. From the order of lower authorities and grounds of appeal, we noted that the issue raised by the assessee are similar for both the years where the exemption u/s. 10(26) of the Act has not been granted to the assessee and the addition made to the amounts deposited in the bank account u/s. 69A of the Act. Both cases were heard together, therefore, we are passing a common order for both the years except only there is difference in the figures. 3. We noted that the assessee has filed additional g....
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....The case of the assessee is squarely covered by the decisions of the Apex court in the case of i) Jute Corporation of India Ltd. Vs CIT in 187 ITR 688, ii) National Thermal Power Co. Ltd v. CIT [1998] 229 ITR 383 and also by the decision of Hon'ble Calcutta High Court in PCIT vs. Britannia Industries Ltd. [2017] 396 ITR 677 (Cal). Therefore, we are inclined to admit the same for adjudication. 5. We admit the additional ground and taking up for adjudication. Since, assessee did not file his return of income u/s. 139 of the Act as well as in response notice u/s. 148 of the Act within the specified time. Therefore, there is no requirement to issue of notice u/s. 143(2) of the Act, the notice u/s. 143(2) can be issued only if the assessee fi....
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....ns he did not accept the submissions of the assessee for the following reasons: (a) Mere submission of certificate does not prove that all the condition of section 10(26) are satisfied. (b) GST registration only indicates that he registered his business concern with GST. It does not pursue prove the sources & nature of cash so deposited in his bank account. (c) The assessee was required to adduce evidences to establish that the cash so deposited was out of his business activities carried out in the state of Mizoram. Hence, the claim of exemption u/s. 10(26) of the Act was not accepted. 8. After analysing the provision of section 69A of the Act, he noted that the assessee has deposited cash in his bank account b....
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....rict, dated 27.06.2011 of DCIT, Aizwal District, Mizoram for residential certificate dated 08.05.2024 and ST/Caste Certificate issued by the office of DCIT, Aizwal District dated 30.04.2011 and the assessee is engaged in the business of FMCG. He also referred to the bank statement and submitted that the assessee has withdrawn money towards the purchase of the goods for trading activities and requested that the assessee may be allowed exemption u/s. 10(26) of the Act on the income earned. The assessee has filed paper book containing page No. 1 to 142. 12. On the other hand, the Ld. DR strongly supported the order of the lower authorities and submitted that in spite of having huge bank transaction, the assessee did not file his return of i....
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..../s. 10(26) of the Act and he strongly supported the order of lower authorities . 13. Considering the rival submissions and perusing the entire materials available on record and the orders of authorities below. We noted that the assessee has deposited huge amount in his bank account for both the years and during the assessment proceedings the assessee submitted vague reply noted (supra) and in the remand proceedings, the assessee furnished evidences and the Ld. CIT(A) called remand report against the remand report, assessee filed rejoinder. On going through the remand report and rejoinder filed by the assessee. The GST return filed by the assessee does not prove the legitimate source of bank deposits without supporting documents. We noted....