2026 (4) TMI 1907

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e Act"] arising out of assessment order dated 10.05.2021 passed u/s 143(3) r.w.s. 144B of the Act pertaining to Assessment Year 2018-19. 2. Brief facts of the case are that assessee is Director in M/s. Haldiram Snacks Pvt. Ltd. and drawing salary and also having Income from Capital Gains and interest income. The return of income was filed u/s 139(1) of the Act on 30.07.2018, declaring total income of INR 9,78,13,230/-. The case was selected for compulsory scrutiny and notice u/s 143(2) was issued on 25.09.2019 followed by notices u/s 142(1) alongwith questionnaires issued from time to time. The AO observed that assessee is having huge cash deposits and withdrawals in the bank accounts maintained with Yes Bank. Accordingly, the assessee w....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... the amounts received from two parties as unexplained credits. 5. Before us, Ld. AR for the assessee submits that the assessee has given short term advances to his family members namely Shri Umesh Agarwal and Smt. Priyanka Agarwal through banking channel on 24.03.2017 for which copy of bank statement of the assessee is placed at page 59 of the Paper Book. Ld. AR further submits that these amounts were refunded back to the assessee by both the persons through account payee cheques drawn on the same date which were deposited by the assessee on 20.04.2017. The copy of the bank statements of both the parities as filed before the lower authorities are placed at page 63 & 64 of the Paper Book. Ld. AR submits that since the funds were given by ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....both parties at length and perused the material available on record. From the perusal of assessment order and information filed by the assessee in the shape of bank statements and other documents before us, it is observed that assessee has given loans to both the parties in immediately preceding assessment year i.e. in AY 2017-18 which were duly debited in the bank account of the assessee as is evident from page 59 of the Paper Book wherein both the cheques got debited on the same date i.e. 24.03.2017. It is further observed that both the parties have refunded the loans through payees account cheques drawn on the same day however, these cheques were presented in the bank by the assessee in the previous year relevant to Assessment year befor....