TMI Blog2023 (1) TMI 567X X X X Extracts X X X X X X X X Extracts X X X X ..... een clearly held that in the absence of a revised return being filed, only the Appellate Authority can direct the Assessing Officer to consider the assessment on the basis of the computation of income, which is filed in the course of appellate proceedings. A perusal of the order of the Ld. CIT(A) clearly shows that the Ld. CIT(A) has called for the remand report and the Assessing Officer has accepted that the assessee has the source for the fixed deposit of Rs. 5 crores. Admittedly, the amount of s. 1.5 crores of fixed deposit in the name of family members can adequately be sourced from the income offered by the assessee. Even otherwise, said addition cannot be made in the hands of the assessee as the fixed deposits are not in the name o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ises of the assessee on 28.5.2008. Notice u/s. 153A came to be issued on 5.3.2010. No return of income was filed and there was no compliance. Consequently, the assessment came to be completed u/s. 144 of the Act, wherein, the AO had brought to tax the fixed deposits found during the course of search to an extent of Rs. 6.5 crores. It was the submission that Rs. 5 crores was the fixed deposit in the name of the assessee and Rs. 1.5 crores was the fixed deposit in the name of family members of the assessee. It was the further submission that the Assessing Officer had further brought to tax the interest income received by the assessee during the relevant assessment year. The interest income from the SB account to an extent of Rs. 4,77,414/- an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5. In reply, Ld. AR vehemently supported the order of the Ld. CIT(A). It was the submission that the assessee having been received the amount of Rs. 9,16,66,750/- during the relevant assessment year and same having been offered to tax and the taxes having been paid, there was adequate source for the fixed deposit of Rs. 6.5 crores in its entirety. It was the further submission that the addition of Rs. 1.5 crores, even if it is to be considered, cannot be considered in the hands of the assessee insofar as it has been admitted by the AO that the fixed deposits are in the name of the family members and not that of the assessee. 6. We have considered the rival submissions. A perusal of the facts clearly shows that the assessee has filed h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cannot be made in the hands of the assessee as the fixed deposits are not in the name of the assessee and it is a search case and the assessment has to be done as per the evidence found during the course of search and fixed deposits are in the name of family members. 7. Coming to the issue of interest, admittedly, the assessee has shown actual interest income in the computation of income and the Ld. CIT(A) has directed for taxing for the actual interest income. This being so, we find no error in the findings of the Ld. CIT(A), which is hereby confirmed. 8. In the result, appeal of the revenue and the cross objection of the assessee are dismissed. Order dictated and pronounced in the open court on 29/12/2022. - - TaxTMI - TMITa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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