TMI Blog2024 (4) TMI 453X X X X Extracts X X X X X X X X Extracts X X X X ..... [ 1967 (1) TMI 80 - CALCUTTA HIGH COURT] The overwhelming numbers of documentary evidences were submitted by the assessee before both the lower authorities, and these documents cannot be brushed aside on the basis suspicious. We note that AO had not specifically identified any specific defects in the purported evidences and documents submitted by the assessee, and also taking note of the fact that the AO has not held that the documents and evidences so submitted by the assessee are bogus. In our opinion the ends of justice would be met, if a net profit rate of 10% is adopted on the cash deposit during demonetization period. Therefore, we direct the assessing officer to make the addition in the hands of assessee to the tune of Rs. 2,50,250/- and should be taxed under normal provisions of the Act and not u/s 115BBE. - Shri Pawan Singh, JM And Dr. A. L. Saini, AM For the Appellant : Shri P. M. Jagasheth, CA For the Respondent : Shri Vinod Kumar, Sr. DR ORDER PER DR. A. L. SAINI, AM: Captioned appeal filed by the assessee, pertaining to Assessment Year (AY) 2017-18, is directed against the order passed by the Learned Commissioner of Income Tax (Appeals), [in short the ld. CIT(A) ], ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... u/s. 271AAC of the Income Tax Act. 8. It is therefore prayed that the above addition may please be deleted as learned members of the tribunal deem it proper. 9. Appellant craves leave to add, alter or delete any ground(s) either before or in the course of the hearing of the appeal. 3. The appeal filed by the assessee for assessment year (AY). 2017- 18, is barred by limitation by 13 days. The assessee moved a petition for condonation of delay, requesting the Bench to condone the delay. The contents of petition for condonation of delay are reproduced below: I have filed an appeal under section 253(1) of the Income Tax Act, 1961 on 19.01.2024 vide ITA No.67/SRT/2024 against the order of the Commissioner (Appeals) relating to AY.2017-18 made on 07.11.2023. Though this appeal should have been filed in the office of the Tribunal on or before the 06.01.2024 counting the period of sixty days from the date of communication of the order but it could not be so filed because I am a farmer and my age is 69 years old and not more educated. Hence, I don t have any knowledge about the Income Tax Proceedings and time limit in appeal filing. The order was passed by NFAC, Delhi and uploaded on onlin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . The assessee before us is an Individual. During the assessment proceedings, the assessing officer, on the basis of data analytics and information gathered during the phase of online verification under Operation Clean Money , the Income Tax Department gathered a list of assessees who had deposited substantial Cash in bank accounts during the demonetization period (9th November, 2016 to 30th December, 2016), but have not filed Income Tax Return for A. Y. 2017-18. On perusal of the details available in the AIMS module of ITBA, it was noticed by the assessing officer that the assessee had maintained the following bank accounts wherein he has made substantial cash deposits during the demonetization period (9th November, 2016 to 30th December, 2016) as per following details: Bank Name A/c. No. Name Cash deposits made during demonetization period (i.e. from 09.11.2016 to 30.12.2016) Axis Bank, Magob Branch, Surat 911010006731834 Bhulabhai Nathubhai Patel 25,02,500/- Total 25,02,500/- Accordingly, notice u/s. 142(1) of the Act was issued on the assessee, on 19.12.2017 calling the assessee to prepare a true and correct return of income in respect of which the assessee is assessable under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uding other credit entries appearing in bank account of Rs. 5,39,704/- thereby total amounting to Rs. 30,42,204/- (Rs. 25,02,500 + Rs. 5,39,704) appearing in Axis Bank and Bank of Baroda bank accounts of the assessee in the F.Y. 2016-17 relevant to AY 2017-18 remain unexplained. Therefore, the total deposits in the bank account to the tune of Rs. 30,42,204/- was treated as unexplained / unaccounted income of the assessee and the same is taxed u/s 115BBE of the Act. 12. Aggrieved by the order of Assessing Officer, the assessee carried the matter in appeal before the ld. CIT(A), who has confirmed the action of the assessing officer. The ld CIT(A) noted that assessee was failed to furnish documents and evidences before the AO and the assessee has not filed the Return of Income for the year under consideration. Therefore, the addition made to the tune of Rs. 30,42,204/- by the AO was upheld. 13. Aggrieved by the order of ld. CIT(A), the assessee is in appeal before us. 14. We have heard both the parties and carefully gone through the submissions put forth on behalf of the assessee along with the documents furnished and the case laws relied upon, and perused the facts of the case includ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Revenue has primarily reiterated the stand taken by the Assessing Officer, which we have already noted in our earlier para and is not being repeated for the sake of brevity. 18. We have heard the rival contentions, perused the material on record and duly considered facts of the case in the light of the applicable legal position. In our considered view, it was wholly erroneous on the part of the authorities below to make addition in the hands of the assessee in respect of the income which pertains to preceding previous year 2014-15. 19. We note that in the previous year 2014 2015, the assessee has earned the capital gain to the tune of Rs. 23,99,005/- which was deposited in the bank account. The assessee has withdrawn the cash amount from bank and the unused amount of cash was redeposited in the bank account during the demonetization period. To substantiate these facts, the assessee has submitted before us return of income for the assessment year 2015-16 relevant to the previous year 2014-15. The assessee has also submitted the bank statement wherein we found that there is deposit on account of capital gain and there was a cash withdrawal. The unused cash was re-deposited in the ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
