TMI Blog2014 (10) TMI 1062X X X X Extracts X X X X X X X X Extracts X X X X ..... essing officer with the direction to examine them afresh after affording necessary opportunity of being heard to the assessee and take appropriate decision in accordance with the law. We prefer to set time frame for completion of the assessment. We direct AO to complete the assessment within three months from the date of receipt of this order. The assessee is also directed to fully co-operate with AO in completing the assessment by furnishing all the details that may be called for and by producing the parties as may be required by the assessing officer. Assessee is treated as allowed for statistical purposes. - ITA No. 3483/Mum/2013 And C.O. No. 123/Mum/2014 (Arising out of ITA No. 3483/Mum/2013 for AY 2009-10) - - - Dated:- 10-10-2014 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te amount of deposit made in the Co-op bank ltd was Rs.1.31 crores. When questioned about the sources for the above said deposits, the assessee submitted he has undertaken a business activity, viz., he will receive cash from parties, deposit the same in his bank account and then issue cheques to them for the same amount. For these services, he has collected commission @ 0.30% to 0.50%. The assessee also submitted the names and addresses of certain parties. The AO noticed that the bank account maintained with Punjab National Bank stood in the joint names of the assessee and another person named Mr. Pranavbhai Bipinbhai Shah. The bank account maintained with Greater Mumbai Co-op Bank stood in the name of assessee s wife named Mrs. Hetal Diman ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... made u/s 68 of the Act. Aggrieved, the assessee has filed this appeal before us. 7. We have heard the rival contentions and perused the record. At the time of hearing, the Ld A.R submitted that the assessee has furnished all the details pertaining to the parties from whom the funds were received. She further submitted that the assessee has also made one to one reconciliation linking the deposits with the cheques issued. On the contrary, the Ld D.R submitted that the assessee could not produce the concerned parties before the assessing officer. In the rejoinder, the Ld A.R submitted that the assessee shall be in a position to produce all the parties, if one more opportunity is given. In support of the same, the Ld A.R furnished a letter d ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
