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2017 (3) TMI 384 - ITAT AHMEDABAD

2017 (3) TMI 384 - ITAT AHMEDABAD - TMI - Unexplained Money u/s.69A - whether the CIT(A) was justified in confirming the additions of ₹ 20,13,530/- made by the AO towards unexplained cash deposits? - Held that:- As based on the AIR information, the AO found cash deposits to the tune of ₹ 20,13,530/- with Kotak Mahendra Bank for acquiring bonds/debentures in the Financial Year relevant to Assessment Year 2008-09. We find that the CIT(A) has examined the issue in perspective. The order .....

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oner of Income Tax(Appeals)-III, Ahmedabad [CIT(A) in short] dated 22/08/2013 for the Assessment Year (AY) 2008-09. 2. The grounds of appeal raised by the Assessee read as under:- 1. The learned CIT(A) has erred in law and on facts in confirming the action of AO in making addition of ₹ 20,13,530/- on account of Unexplained Money u/s.69A of The Income Tax Act, 1961. 2. Both the lower authorities have passed the orders without properly appreciating the fact and that they further erred in gro .....

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ming the action of ld.AO in initiating penalty proceedings u/s.27191)(c) of the Act. 3. When the matter was called for hearing, none appeared for the assessee. It is seen from the record that the notice has been served on the assessee by Registered Post intimating the date of hearing. The assessee has neither attended nor sought any adjournment. Thus, it can be presumed that the assessee is not interested in prosecuting the appeal. Accordingly, the matter is proceeded ex-parte in the absence of .....

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issue, the relevant portion of the order of the CIT(A) is extracted hereunder:- 3. Ground No.1 of the appeal is regarding addition of ₹ 20,13,530/- u/s. 69A. 4. Return declaring total income of ₹ 1,14,096/- was filed by the appellant. On the basis of AIR information, AO found that during the year there are total cash deposits of ₹ 20,13,530/- in bank account of the appellant. Appellant was asked to explain source of the same. As no reply was furnished before AO, he made additi .....

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ectly to the accountant as he was not able to understand technical matters of the paper from I. T. Department and also ignorant of how to deal with the case. Whenever any notice-came from I.T. department he used to send it to the hired accountant. He has trust on the accountant that he would deal accordingly on the notice as he is better knowing accounts and taxation matter. However unfortunately the accountant has ignored all the notices and let the time spent. Assessee was on the hope that the .....

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end every meeting either himself or through tax consultant otherwise he will become defaulter in the eyes of income tax department. Then the assessee decided to attend the hearing personally but it was too late. Hence, we request you kindly allow the assessee to produce additional evidences which he was not able to provide earlier because of mistake of the accountant. Please consider the circumstances (as mentioned above) as falling under rule 46 A of Income Tax Act, 1961. 2. We are enclosing he .....

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. Bank statement in original is also provided herewith for your kind perusal. 4. As per Point No. 5 & 6 of Assessment Order u/s 144 dated 16/12/2010, The respected Assessing Officer has disallowed Dalali Exp, Telephone Exp, Petrol Exp, and Shop exp of ₹ 5004/-, 8410/-, 2552/-, 2450/- and 2887/- respectively. These are the routine expenses of the business claimed in IT return. We will provide vouchers/supporting documents for the same whenever asked by the respected assessing officer fo .....

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ountant J. S. Jain & associates dt 24/08/2012 alongwith statement of Total Income, Balance Sheet & Profit & Loss Account and list of debtors & creditors and requested the under signed for offer of comments on the admissibility of the additional evidences and its merits. However the assesses has not given any explanation regarding source of cash deposited with necessary evidences. 3. In view the above it is unable to make any comments on additional evidences. If the assessee has g .....

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