TMI Blog2012 (11) TMI 578X X X X Extracts X X X X X X X X Extracts X X X X ..... rd of losses – Held that:- alternative plea taken by the assessee before the Ld. CIT that the assessee is having a carry forward loss and does not have any business income in coming years, is an alternative argument only, which was to claim the loss in the future years – in favour of assessee. - I.T.A. No.186 (Asr)/2012 - - - Dated:- 30-7-2012 - H. S. Sidhu And B. P. Jain, JJ. Appellant by: Satish Bansal, CA Respondent by: R. L. Chhanalia, DR ORDER Per Bench ; This appeal of the assessee arises from the order of the Ld. Commissioner of Income Tax, ( In short, CIT ), Amritsar, dated 06.03.2012 passed under section 263 of the Income Tax Act, 1961. 2. The assessee has raised following grounds of appeal: 1. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uiry whatsoever was made by the A.O. to find out genuineness of deposits made in the aforesaid bank account of the assessee. The order passed by the A.O u/s 143(3) is a stereo type order where the AO has simply accepted what the assessee has sated in his return and has failed to make enquiries. It was observed by the Ld. CIT that where assessment has been made without making enquiry, such assessment is held to be prejudicial and erroneous to the interest of the revenue. A show cause notice was given to the assessee and the assessee vide letter dated 10.08.2011 had submitted the explanation. It was explained that the deposits at Sl. No. 1,2,3,4,5,8,11 13 of the notice of the Ld. CIT have been transferred from A/c No.006601002947 with ICICI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -tax particulars of Sh. Hemant Aggarwal etc. Moreover, it was pointed out by the Ld. counsel for the assessee, Mr. Satish Bansal, CA that the AO had verified each and every entry of the bank transfer. The copies of the first and last pages of the bank book maintained by the assessee have been duly signed and verified by the AO on 21.05.2009 as a token of verification and examination of bank book. The Ld. Counsel for the assessee, Sh. Satish Bansal, CA, produced the bank pass book originally signed by the AO on 21.05.2009 as token of examination of all the entries of bank alongwith sources, before the Bench. Therefore, it was argued by the Ld. counsel for the assessee that the ITO had acted in accordance with law while framing assessment, th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ave any business income in the coming years, as he has shifted back to Nepal, was an alternative argument for carry forward of the loss only. 6. The Ld. Addl. CIT (DR), Mr. R.L. Chhanalia, relied upon the order of the Ld. CIT. 7. We have heard the rival contentions and perused the facts of the case. We are convinced with the arguments made by the Ld. counsel for the assessee, Sh. Satish Bansal, CA that the AO had raised query vide letter dated 13.04.2009, which has been replied back vide two letters available at pages 10 to 13 of the paper book.. The assessee had submitted the explanation with regard to each every entry of the bank. The AO had examined the source of the deposits in the bank and had signed bank book which was produc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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