9911796707
TMI Blog2024 (5) TMI 745X X X X Extracts X X X X X X X X Extracts X X X X ..... with section 147 of the Income-tax Act, 1961 (hereinafter referred as the "Act"), passed by the Income-tax Officer, Ward-3(4), Gurgaon (hereinafter referred in short as "Ld. AO"). 2. Brief facts are that the Assessing Officer received information that the assessee had deposited cash amounting to Rs. 29,20,960/- in the bank account and had also purchased bank draft by cash amounting to Rs. 27,59,760/- during the year under consideration. The Assessing Officer noted that the assessee had not filed any return of income for the year under consideration. The Assessing Officer accordingly recorded reasons and issued notice u/s 148. The assessee filed return declaring income of Rs. 46,100/- 2.1 The Assessing Officer pointed out that the bank st ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... which were received in the form of cash component of Rs. 39,23,357/- and a cheque of Rs. 50,00,000/- dated 29.09.2009. The same were deposited in the account of assessee as the grandmother was not holding any bank account. Further, before learned CIT(A) vide submissions dated 11.02.2019 confirmation from Krish Builders along copy of account of Krish Builders was filed. Learned CIT(A), however, doubted the identity of Krish Builders and further raised a query that as per the assessee the amount of Rs. 1,20,00,000/- received from Krish Builders was returned by way of two entries of Rs. 40,00,000/- and Rs. 80,50,000/- on 02.04.2010 and 09.04.2010 respectively. Learned CIT(A) observed that there was a cash deposit of Rs. 80,00,000/- on 07.04.2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... anced the addition made by the AO of Rs. 49,64,940/- to Rs. 1,20,00,000/- with following relevant findings: "11. I have carefully considered the facts of the case, the submission of the appellant and the documents filed by the appellant. The appellant vide his written submission dated 11.02.2019 had filed a copy of the account of M/s Krrish Buildtech for the period 01.04.2009 to 31.03.2011 which is as under:- Date Particular Dr. Cr. 26.03.2010 By Bank (Advance Recd.) 4,000,000 31.03.2010 By Bank(Advance Recd.) 8,000,000 02.04.2010 To Bank(Repayment) 4,000,000 09.04.2010 Interest Accrued 50,000 09.04.2010 To Bank(Repayment) 8,050,000 Total 12,050,000 12,05 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any PAN number any telephone number or any email address. This confirmation by itself does not prove either the identity of the creditor or the creditworthiness of the creditor. As pointed out above, the appellant was specifically asked to furnish the evidence in this regard but the appellant failed to furnish any satisfactory evidence. It is evident from the facts discussed above that in spite of a specific letter issued to the creditor and in spite of the appellant being specifically asked to provide the details pertaining to the creditor including the copy of income tax returns and the explanation for sources of credits no explanation or evidence was furnished by the appellant. The claim of the appellant that the amount was received from ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt of Rs. 1,20,00,000/- may not be added to the income and income enhanced accordingly. The reply filed by the appellant dated 19.03.2019 has already been discussed above. No submission on the issue of enhancement was filed. 16. Keeping in view, the facts of the case, the addition made by the Assessing Officer amounting to 49 ,64,940/. is enhanced to Rs. 1,20,00,000/-, Penalty proceedings u/s 271(1)(c) for furnishing inaccurate particulars of income are being initiated separately." 2.4 The assessee is in appeal raising following grounds: "1. That having regard to the facts and circumstances of the case, assumption of jurisdiction in reopening the impugned assessment and passing the impugned order u / s 143(3) / 147 is bad in law and ag ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e is not sustainable on various legal and factual grounds. 6. That having regard to the facts and circumstances of the case, Ld. CIT(A) has erred in law and on facts in not reversing the action of Ld. AO in charging interest u/s 234A, 234B and 234C of Income Tax Act, 1961. 7. That the appellant craves the leave to add, modify, amend or delete any of the grounds of appeal at the time of hearing and all the above grounds are without prejudice to each other." 3. Heard and perused the record. The primary contention of learned AR was that AO and learned CIT(A) have both made assessment on different tangents. It was submitted that on the basis of deposit in the bank account in A.Y. 2011-12 the enhancement has been done in the present A.Y. 20 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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