9911796707
TMI Blog2024 (7) TMI 491X X X X Extracts X X X X X X X X Extracts X X X X ..... nd in law, in sustaining addition of Rs. 30,00,000/-in order passed under section 250 of the Income Tax Act, 1961 as against the addition of Rs. 37,00,000/- made by the Learned Assessing Officer vide assessment order dated 29.05.2022. The order suffers from perversity as the order has been framed completely ignoring the material on record and is arbitrary and is against the law and facts on record and the order passed by the Ld. CIT(A) is illegal, void abinitio and barred by the limitation and is contrary to the principles of natural justice and has been passed by recording Incorrect facts and findings and without giving adequate opportunity to the assessee and the same is not sustainable on various legal and factual grounds. Hence, liable ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the case, LD. CIT(A) has erred in passing order u/s 250 of the Income tax Act, 1961 without disposing off the objections filed by the appellant and as such consequent addition made to the declared income is not sustainable and liable to be deleted. 6. The appellants crave leave to add to, alter or amend the afore stated grounds or appeal." 3. It is a search case. 4. Search and seizure operation under section 132 of the Income Tax Act, 1961 (the "Act") was conducted on 27.11.2020 on M/s. Shiv Shakti Construction Group of cases and the case of the assessee was also covered. Notice under section 153A of the Act was issued and duly served upon the assessee. In response, he e-filed return for AY 2020-21 on 25.01.2022 declaring income of Rs. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nation given by the assessee is not corroborated independently. Since source of cash remained unexplained, he added Rs. 30 lakhs to the income of the assessee under section 69C and completed the assessment accordingly on 29.05.2022 under section 153A r.w.s. 143(3) of the Act. 7. Aggrieved, the assessee filed appeal before the Ld. CIT(A). It was submitted that the actual cash paid is Rs. 10 lakhs for purchase of livestock and that the said cash was obtained from Mrs. Preeti Singh (wife of the assessee). The same cash has been rotated thrice as the purchase of livestock could not materialize. Confirmation dated 14.05.2022 received from Mr. Deepak was also submitted. It was contended that there is no evidence on record that the assessee paid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... during assessment proceedings that final time the cash amount was given and received back through Sh. Rahish Pal Singh has been proved completely false. In the appellate proceedings the appellant submitted that source of cash amount of Rs. 10,00,000/- was from Smt. Preeti Singh, who is wife of the appellant, however no documentary evidences of the same could be produced 9. Dissatisfied, the assessee is before the Tribunal and all the grounds relate thereto. 10. We have heard the Ld. Representative of the parties and perused the records. It is revealed from the statement of the assessee, Mr. Chandra Pal recorded under section 132(4) of the Act during search (page 11 of Paper Book) that his phone was checked and following transaction was no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee as partner of the firm as deposed by him in statement recorded under section 132(4) of the Act. As to the reply of Shri Rahish Pal Singh in response to the summon issued under section 131(1A), the stand of the assessee has been that it is factually correct that the assessee had no business transactions with Shri Rahish Pal Singh during the year. However, cash given on 31.12.2019 to Mr. Deepak to purchase quality breed of cows for the firm was received back by the assessee on 05.01.2020 through Mr. Rahish Pal Singh who is relative (spouse of sister in law) of the assessee. Mr. Deepak had handed over the amount to Mr. Rahish Pal Singh in his daily meeting in regular course of business to return the same to the assessee on his beh ..... X X X X Extracts X X X X X X X X Extracts X X X X
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