9911796707
TMI Blog2023 (7) TMI 4X X X X Extracts X X X X X X X X Extracts X X X X ..... aring total income of Rs. 48,27,323/-. The return of income was initially processed u/s. 143(1) of the I.T Act 1961. Thereafter the case of the assessee was selected for scrutiny and accordingly notices u/s. 142(1) and 143(2) were issued and served on the assessee. AO has noted that the notices issued remained uncomplied by the assessee. Thereafter AO framed assessment u/s. 144, determining the total income at Rs. 1,23,87,323/- inter alia by making addition of Rs. 73,10,000/- on account of unexplained investments being the deposits made in the bank account and denial of claim of deduction under chapter VIA of Rs. 2,50,000/-. 4. Aggrieved by the order of AO, assessee carried the matter before CIT(A) who vide order dated 12.07.2021 in appeal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4. The Appellant prays that amount of Rs.73,10,000 is fully explained and provisions of section 69 being not applicable, the addition of Rs.73,10,000 be deleted. GROUND NO.II - Invalid assessment u/s. 144 and in violation of principal of natural justice 1. The CIT(A) erred in not dealing/adjudicating the ground relating to jurisdiction confirming ex parte order u/S. 144 passed by AO 2. Without prejudice to the above, he failed to appreciate and ought to have held that order passed by AO u/s. 144 is void ab initio as it is passed in violation of the principle of natural justice in as much as no proper and reasonable opportunity being heard provided to the Appellant and non-consideration of the Appellant's submission. 3. Witho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... indra Bank Ltd. and maintains a saving bank account with Kotak Mahindra Bank at Ahmedabad Branch. The salary received by the assessee is credited in the aforesaid bank account. The assessee had given standing instructions to the bank that when the balance in his saving bank exceeded Rs. 25,000/-, the excess amount be swept out towards new fixed deposits and whenever the saving bank account is debited by more than Rs. 25,000/- on account of cheque being presented etc. the fixed deposit be prematurely broken and credited to the saving bank account. He thus submitted that assessee has opted for sweep in/sweep out facility with the bank. During the year under consideration assessee had kept fixed deposits of Rs. 92,80,000/- from the aforesaid s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tment is not warranted. 11. Learned DR on the other hand supported the order of lower authorities. 12. We have heard the rival submissions and perused the materials available on record. The issue before us for adjudication is about the addition made on account of unexplained investments. It is the case of the Revenue that the investments in fixed deposits have not been explained by the assessee and therefore the same were added as income. On the other hand it is the contention of the assessee that the fixed deposits made by the assessee with Kotak Mahindra Bank are out of the savings and salary income. Before us the Ld. AR has pointed to the bank statements of the bank and from those bank statement he has demonstrated the receipt of salar ..... X X X X Extracts X X X X X X X X Extracts X X X X
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