9911796707
TMI Blog2023 (6) TMI 109X X X X Extracts X X X X X X X X Extracts X X X X ..... 1044937703(1), the appellate proceedings had arisen before learned CIT(A) from an ex-parte assessment order dated 29th November , 2019 for assessment year 2017-18 passed by learned Assessing Officer (hereinafter called "the AO") under Section 144 of the Income-tax Act,1961(hereinafter called "the Act")(Order No. ITBA/AST/S/144/ 2019-20/1021359116(1)).I have heard this appeal through physical hearing mode in Open Court proceedings. 2. The grounds of appeal raised by the assessee in memo of appeal filed with Income Tax Appellate Tribunal, Allahabad Bench, Allahabad (hereinafter called "the tribunal") , reads under: "1. That in view of the matter assessment framed u/s 144 by order dated 29.11.2019 in income of Rs. 13,59,680/- is bad both on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... which was claimed to have been served on the assessee by the AO through registered post, requesting assessee to file return of income. The assessee did not file return of income in pursuance to notice u/s. 142(1). The AO issued further statutory notices u/s 142(1) on 17.05.2019 to frame exparte assessment u/s 144, asking assessee to explain the nature and source of cash deposited by him during demonetization . The assessee did not comply with the said notice also. The AO sought information from bank u/s 133(6), and bank statements were directly obtained by the AO, and it transpired that the cash deposited in bank accounts by the assessee during the demonetization period was Rs.19,00,300/- , while total cash deposited in the bank accounts d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... O for denovo assessment . After considering facts and circumstances of the case, I fail to understand as to how AO has concluded and treated that the total deposit in the bank account no. 502000202052767 to the tune of Rs. 1,08,14,767/- were in the nature of business transactions. No doubt, this account was in the name of 'Yogi Enterprises' but that does not conclude that these deposits are in the nature of business receipts and the assessee is entitled to be taxed by computing income by way of net profit@8% of the total deposits , more-so the assessee never filed any return of income and the assessee never came forward to give any explanation as to nature and source of the deposits to the tune of Rs. 1,08,14,767/- in this bank account , ou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by way of speaking order. Reference is drawn to provisions of Section 250(6) of the 1961 Act. Thus, I am restoring the entire matter back to the file of the AO for denovo assessment and orders of both the authorities are set aside , and the matter is restored to its original status for framing denovo assessment by the AO , and all issues are kept open. The assessee is directed to co-operate and file all necessary details called for by the AO for framing denovo assessment. I clarify that I have not commented on the merits of the issue's in this appeal. I order accordingly. 4. In the result, appeal filed by assessee in ITA nos. 11/Alld/2023 for ay: 2017-18 stand allowed for statistical purposes. Order pronounced in Open Court on 19/04/2023 ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
