Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2023 (6) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (6) TMI 223 - AT - Income TaxValidity of re-assessment - as argued notice u/s 143(2) was not issued by the AO - whether curable u/s 292BB? - HELD THAT:- From the contents of the Assessment Order, it appears that the show cause notice was represented and the assessee’s case was validly assessed though mentioning of the Section 143(2) was not there on record. Yet, opportunity of representing the assessee was given during the assessment proceedings. Prima facie, from the assessment order, it appears that notice u/s 143(2) of the Act was issued to the assessee and the observations of the CIT(A) needs no interference. Hence, ground no.1 is dismissed. Cash seized during the course of search - onus to prove - HELD THAT:- AO has not doubted the books of accounts which was produced before the AO on 18.12.2013 during the course of assessment proceedings. On the contrary, in paragraph no.6 the observations are related to the evidence regarding books of accounts maintained on date of search was taken into account. At no point of time AO has doubted the books of accounts produced during the assessment proceedings and, therefore, the observation made by the AO in conclusion is not justifiable. Assessee has furnished the name address and PAN of the persons from whom assessee firm has transported the cash for which income has been shown by the assessee and, therefore, the onus casts upon the assessee to prove identify, creditworthiness and genuineness of the transaction was discharged fully by the assessee in respect of cash seized Therefore, the addition made by the AO was not justifiable. Decided partly in favor of assessee.
|