TaxTMI 
TaxTMI 
2025 (4) TMI 1925
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....ssing Officer ('AO' for short) dated 26.03.2015 u/s 144 of the Income Tax Act, 1961 (hereinafter referred to as "the Act"). 2. The assessee has raised following grounds of appeal: "1. The grounds of appeal mentioned hereunder are without prejudice to one another. 2. The Id. Commissioner of Income-tax(Appeals), National Faceless Appeal Centre, Delhi (hereinafter referred as to the "CIT(A)"] erred on facts as also in law confirming addition of Rs. 86,68,718/- made by the AO on account of alleged unexplained cash credit u/s.68 of the Act on the alleged ground that the appellant failed to prove genuineness and creditworthiness of various parties from whom unsecured loan of Rs. 86,68,718/- were received. The addition confirm....
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....d not comply with notices issued and thereby invoked section 144 of the Act. The AO, vide order u/s. 144 of the Act, dated 26.03.2015 assessed the total income at 98,02,210/- and agriculture income of Rs. 2,05,000/-, wherein following variations to the returned income were made: (i) Treating unsecured loans of Rs.86,68,718/- received from various depositors as unexplained and alleging that appellant has failed to discharge the onus and thereby made addition of 286,68,718/-u/s. 68 of the Act, on account of unexplained cash credit. (ii) Disallowing claim of depreciation of Rs. 76,595/- being 7.5% on new Verna motor car on the alleged ground that appellant failed to furnish material evidences of purchase of new Verna car. ....
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....appeal before Ld. CIT(A) and Ld.CIT(A) has disposed of the appeal on the ground that some documents have not been submitted. (ii) On the contrary, Ld. Senior DR for the Revenue has submitted Sub: "Written Submission in the matter of Rajesh Karshanbhai Vekariya, ITA 173/Rjt/2024 for AY-2011-12-reg. DOH: 23/09/2024 Your Lordship, the revenue is bringing following facts from admission made by Appellant at stage of CIT (A). 2. He admitted that he is a wholesale trader of agricultural products however under as per the provision of Gujarat APMC Act he must produce a valid license for trading in APMC market yards, which he failed on two occasions where opportunity was given to him, before the Assessing ....
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....sted that all documents submitted here with kindly consider while making the order in this case. 5.1 We note that the Ld. CIT(A) has asked for remand report from the AO on the four issues of addition made in the ex parte assessment order. (i) Remand report in respect of Rs. 88,68,718/- according to be report submitted by the AO. That the outstanding creditors of the assessee are recorded on books of accountants are nothing but bogus. However, the addition was on accountant of unsecured loan. (ii) Addition of Rs. 76,595/- on accountant of disallowance of deprecation. The reports is that motor car is not utilized for his business purpose. (iii) Disallowance of expense of Rs. 66,087/- is due to that electricity bi....
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....rs duly recorded in books of account. The Ld. CIT(A) concluded that outstanding creditors in the books of account the assessee are bogus. We disallow to the extent of 10% of trade creditors which comes to Rs. 8,66,871/- to be added in the hands of the assessee. The AO is directed to compute the same. 5.5 Regarding depreciation of Rs. 76,595/- for purchase of new motor car and no bill/voucher is available during the course of assessment proceedings. Bill submitted during the remand proceedings. The AO observed that the same as not used for business purposes. The Ld. CIT(A) observed that the depreciation on motor car is not allowable. Considering the car is used for personal purposes and for ends of justice, we disallow depreciation to the....