TMI Blog2020 (10) TMI 1113X X X X Extracts X X X X X X X X Extracts X X X X ..... . This amply proves that the AO made proper verification of the assessee s claim and reached right conclusion that such cash deposits, in fact, represented transactions carried out by Mr. Dilip Talekar for and on behalf of Shri Laxmisen Agencies. Not only that, the AO of the assessee passed on this information to the AO of Shri Laxmisen Agencies, who, in turn, made addition towards unaccounted purchases. The narration of above facts clearly demonstrates that neither the AO failed to make proper investigation nor did he reach any wrong conclusion in holding that the amount of cash deposits by the assessee in his bank account did not pertain to him. We, therefore, set-aside the impugned order doubting the correctness of the assessment orde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... wer u/s.263 of the Act, came to hold that the AO did not make proper enquiry in respect of cash deposits made by the assessee in his bank account. After considering the arguments from the side of the assessee in the light of the assessment order, the ld. CIT set-aside the assessment order passed u/s.143(3) for a de novo determination of total income. The assessee is in appeal before the Tribunal against the order passed by the ld. CIT. 5. We have heard the rival submissions through the virtual court and gone through the relevant material on record. A copy of the notice issued u/s.263 of the Act is available at page 23 of the paper book recording the initial view of the ld. CIT that the assessee made cash deposit of ₹ 23,60,000/- in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essee s bank account by means of Demand Drafts issued in favour of Wokhardt Limited. The corresponding cash deposits were made by Mr. Dilip Talekar in assessee s bank account for which the purchases were made from Wokhardt Limited. This issue has been aptly discussed in paras 4.4 to 4.6 of the assessment order. On examination of the entire details, the AO concluded that Mr. Dilip Talekar and Shravan Kumar Kole used savings bank account of the assessee for the business of the firm, namely, Shri Laxmisen Agencies wherein Mr. Dilip Talekar was a partner. It is further noticed that the AO of the assessee passed on this information to the AO of Shri Laxmisen Agencies. A copy of the assessment order dated 28-03- 2014 for the year under considerat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r for and on behalf of Shri Laxmisen Agencies. Not only that, the AO of the assessee passed on this information to the AO of Shri Laxmisen Agencies, who, in turn, made addition towards unaccounted purchases. The narration of above facts clearly demonstrates that neither the AO failed to make proper investigation nor did he reach any wrong conclusion in holding that the amount of cash deposits by the assessee in his bank account did not pertain to him. We, therefore, set-aside the impugned order doubting the correctness of the assessment order. ITA No.71/PUN/2016 Akshay A. Sawant : 8. The appeal is time barred by 776 days. The assessee has filed an affidavit explaining reasons for the delay. We are satisfied with the reasons so ..... X X X X Extracts X X X X X X X X Extracts X X X X
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