TaxTMI 
TaxTMI 
2025 (4) TMI 1999
X X X X Extracts X X X X
X X X X Extracts X X X X
....1 months from the end of the assessment year in which the income was first assessable as mentioned under Section 153 of Income Tax Act, 1961, and therefore, all the proceedings are manifestly illegal, as the same are time-barred. 2. Because, as per Section 153 of Income Tax Act, 1961, no order of assessment under Section 147 of Income Tax Act, 1961 after the expiry of 9 months from the end of the financial year in which notice under Section 148 was served. 3. Because, the Learned CIT (Appeals) has not made any observation on the merits of the case, and the grounds raised by the Petitioner were never even considered. 4. Because, the Learned CIT (Appeals) has upheld the order passed by the AO without giving any coge....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ficer (AO), upon detecting these deposits, issued statutory notices under Sections 148 and 142(1) of the Income Tax Act, 1961, seeking explanations for the source of the cash. The assessee failed to respond to these notices or file a return of income. Consequently, the AO completed the assessment ex parte under Section 144, treating the entire deposit as unexplained money under Section 69A of the Act and adding it to the assessee's taxable income. 3.1 As per AO, despite multiple opportunities, the assessee did not furnish any explanation or documentary evidence to substantiate the source of the cash deposits. Notices under Sections 148, 142(1), and 144 were duly served, but the assessee remained non-compliant. In the absence of a valid e....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... safekeeping. She claimed to have added Rs. 1,00,000/- from her existing cash holdings, depositing the total Rs. 32,18,500. An affidavit from Harjinder Singh affirmed the source of funds and their custodial transfer to the assessee. The assessee argued that the amount was not taxable as it belonged to her nephew and was held in trust. She also cited her agricultural background and lack of taxable income to justify the cash holdings. 7. Per contra, the learned Departmental Representative (Ld. DR) relied on the orders of the lower authorities. The Ld. DR submitted that the assessee's noncompliance during the assessment proceedings indicated a lack of bona fide explanation. It was further stated that the affidavit submitted by the assessee ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....th sale deed amounts plus cash in hand amount of Rs. 1,00,000/- with assessee as claimed. The assessee is having large amount as cash in hand even though assessee do not have any source of income. Also, no documentary evidence has been produced by the assessee w.r.t. custodian of her legal guardian Mr. Harjinder Singh except merely copy of affidavit. ii) There was no restrictions to open bank account during the period and Mr. Harjinder Singh, nephew of assessee was very well able to open bank account in his name to deposit large cash received from sale proceeds for safety reasons. iii) The assessee has paid amounts of Rs. 10,00,000/- Rs. 5,50,000/- Rs. 5,00,000/- & Rs. 11,65,000/- totalling to Rs. 32,15,000/- equal to abov....