TaxTMI 
TaxTMI 
2026 (10) TMI 266
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....Income Tax (Appeals)-10, Ahmedabad [for short 'CIT(A)']whereby the Learned CIT(A) had dismissed the appeal preferred by the Assessee against the Assessment Order, dated 25/03/2015, passed under Section 143(3) of the Income Tax Act 1961 [for short 'the Act'] for the Assessment Year 2012-2013. 2. ITA No.1499/AHD/2024 is directed against levy of penalty upon the Assessee under Section 271(1)(c) the Act in respect of additions made by the Assessing Officer vide Assessment Order dated, 23/05/2015, passed under Section 143(3) for the Assessment Year 2012-2013. ITA No.1010/AHD/2017 3. We would first take up ITA No.1010/AHD/2017. The Assessee has raised following grounds in the said appeal: 1. The Ld. A. O. has erred in making add....
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....earned Assessing Officer under Section 69 of the Act holding the aforesaid amount to be 'unaccounted investments' which was subsequently confirmed by the Learned CIT(A). 6. The brief facts of the case are that the Assessee is an individual. For the Assessment Year 2012-2013 the Assessee filed his Return of Income on 31/03/2013 declaring total income of INR.1,24,670/- after claiming deductions of INR.1,00,000/- under Chapter VI-A from Gross Total Income of INR.2,24,666/- [comprising LIC Commission of INR.1,90,001/- and other income of INR.34,665/-]. The return was initially processed under Section 143(1) of the Act on 30/05/2013 accepting the returned income. Subsequently, the case of the Assessee was selected for compulsory scrutiny. ....
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.... Komal, J.N. Shroff, P. Bharatkumar, Maruti, Selection, and Purvikumar Shah. It was emphasized that the Assessing Officer had totaled only the credit entries while completely ignoring the corresponding debit entries (withdrawals) which almost equaled the credits throughout the year. However, the LearnedCIT(A) rejected the aforesaid submission and dismissed the appeal vide Order, dated 15/02/2017, observing that there was no proof that the cash transaction statement was filed before the Assessing Officer. Further, the narrations in the cash flow statement were stated as 'miscellaneous loans' and the Assessee had failed to furnish any written confirmations, PANs or complete addresses of parties involved in short-term cheque discountin....
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.... Officer has recorded in paragraph 3 of the Assessment Order that on 18/02/2015, the Assessee had filed partial Written Submission, dated 27/01/2015. On perusal of the said written submission we find that the Assessee had furnished date-wise details of cash transactions during the assessment proceedings. On perusal of cash transaction details and bank statement filed by the Assessee, we find that cash withdrawals were made by the Assessee from time to time which were followed by bank credits and cash deposits. Almost equal amount of debits and credits in the bank account support the contention of the Assessee that the Assessee was engaged in the cheque discounting transactions with parties like M.J. Patel, J.I. Corporation, Komal, J.N. Shro....