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2021 (10) TMI 1104 - AT - Income TaxValidity of selection of case for scrutiny under compulsory scrutiny criteria - the assessee has challenged the scrutiny assessment as the Assessing Officer has not obtained necessary sanction from the competent authority as per the instruction of CBDT - Whether there was no information nor satisfaction of the department for conducting survey and thus the entire survey proceedings is nothing but a biased action on the part of the department which is illegal and unjustified? - HELD THAT:- There is no much gap between the survey and the post survey enquiry conducted by the AO therefore the post survey enquiry are part and partial of the survey proceedings and would deem to be concluded on the conclusion of the post survey enquiry on 27.01.2012. Thus, when the fact of the conducting the survey as well as the post survey enquiry is not in dispute then the case of the assessee would certainly fall under the category of selection under compulsory scrutiny. No substance or merit in the additional ground raised by the assessee. The same is dismissed. Ground no. 1 of the original grounds is general in nature and does not require any specific adjudication. Addition u/s 68 - unexplained cash credit - HELD THAT:- The assessee has shown the unsecured loan of ₹ 2,60,000/- which means the remaining unsecured loans was repaid by the assessee. Assessee has failed to explain the source of cash credit of ₹ 8,50,000/- and repayment of the unsecured loan of ₹ 8,30,000/-. The consolidated balance-sheet as referred by the learned AR has been re-casted and filed at this stage but was not produced before the authorities below. Even the capital account balance of the assessee shown in the consolidated balance-sheet as on 31st March, 2011 is contrary to the balance-sheet of M/s Rastogi Mobile Zone wherein there is a negative capital balance. AR has submitted that the loan amount is mistakenly shown as capital balance in the consolidated balance-sheet but the same is the unsecured loan amount of ₹ 10,29,797/-. This figure alongwith the current liabilities of M/s OM Jewellers is again not matching with the unsecured loan shown by the assessee in the return of income for the assessment year 2012-13 -Therefore, the assessee has grossly failed to explained the source of the cash credits - Decided against assessee.
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