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TMI Blog2024 (7) TMI 1228X X X X Extracts X X X X X X X X Extracts X X X X ..... 0,000/- Rorgude Ratan Gangaram PAN No. BUGPB6469P, Rs. 10, 75,000/- from own family resources shown in cash flow statement attached 2. Total deposits in the bank during the year 1.4.2012 to 31.3.2013 were Rs. 1,10,81,217/- (without interest) comprising of cash Rs. 35,75,000/- and bank transfers Rs. 75,06,217/-, Fixed deposit realized of family members Rs. 63,29,559/-, Gold Loan Andhra bank Rs. 4,64,000/- and HDFC bank Rs. 5,12,568/-, RTGS from Share broker Pinnacle Forex 2 Lacs Family members Aged Pan No. assessed since FD REALISED Annexure Japjeet Singh Chadha 50 AACPC5335) 1985 Rs. 17, 28,000/- 1 Gurcharan Kaur Chadha 73 AACPC9216G 1977 Rs. 5, 60,000/- 2 Subaj Singh Chadha 83 AACPC9258L 1977 Rs. 12, 38,000/- 3 Kamaljit Kaur Chadha 45 AHLPC8353Q Rs. 28, 03,559/- 4 Pinnacle Forex Rs. 2, 00,000/- 5 Gold Loan Andhra Bank Rs. 4, 64,000/- 6 Gold Loan HDFC Bank Rs. 5, 12,658/- 7 3. The Ld. CIT(A) has grossly erred in confirming the assessment order of A.O without applying his mind, verifying the facts and the information submitted or applying natu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... urces. 5. Total deposit in the bank during the F.Y. 2012-13 was Rs. 1,10,81,217/- comprising of cash to the tune of Rs. 35.75 Lacs, Bank transfers of Rs. 75,06,217/-. The bank transfers are not under challenge as the case was re-opened based on the information that the assessee deposited cash to the tune of Rs. 1, 07, 25,000/- (Rs. 35.75x3 Times).The Ld. CIT (A) was very well in a position to examine the people named as loan provider to the assessee for sake of justice and fair assessment of the income chargeable to tax. As far as urgency to accept cash is concerned, it is submitted by the assessee before the Ld. CIT (A) that she incurred heavy losses to the tune of Rs. 53, 91,419/- in F&O transactions and same is cross verifiable with the assessee's ledger in the books of broker M/s. Pinnacle Forex & Securities Pvt. Ltd. submitted with the paper book attached. To clear dues of broker mentioned (supra) the assessee raised the loans in cash from friends and family members. Looking at the circumstances of the assessee, plea taken by the assessee looks to be reasonableand tenable. 6. It is also pertinent to discuss here the time limit as prescribed in the statute for re-opening of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gger; on the part of the assessee to make a return under section 139 or in response to a notice issued under sub-section (1) of section 142 or section 148 or to disclose fully and truly all material facts† necessary for his assessment, for that assessment year: Provided further that nothing contained in the first proviso shall apply in a case where any income in relation to any asset (including financial interest in any entity) located outside India, chargeable to tax, has escaped assessment for any assessment year: Provided also that the Assessing Officer may assess or reassess such income, other than the income involving matters which are the subject matters of any appeal, reference or revision, which is chargeable to tax and has escaped assessment. Explanation 1. -Production before the Assessing Officer of account books or other evidence from which material evidence could with due diligence have been discovered by the Assessing Officer will not necessarily amount to disclosure within the meaning of the foregoing proviso. Explanation 2. -for the purposes of this section, the following shall also be deemed to be cases where income chargeable to tax has escaped a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... x Act, 1961 - FA, 2023 72[Time limit for notice. 72. Substituted by the Finance Act, 2021, w.e.f. 1-4-2021. Prior to its substitution, section 149, as amended by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989, Direct Tax Laws (Second Amendment) Act, 1989, w.e.f. 1-4-1989, Finance Act, 2001, w.e.f. 1-6-2001 and Finance Act, 2012, w.e.f. 1-7-2012, read as under: 149. Time limit for notice. - (1) No notice under section 148 shall be issued† for the relevant assessment year, - (a) if four years have elapsed from the end of the relevant assessment year, unless the case falls under clause (b) or clause (c); (b) if four years, but not more than six years, have elapsed from the end of the relevant assessment year unless the income chargeable to tax which has †escaped assessment amounts to or is likely to amount to one lakh rupees or more† for that year; (c) if four years, but not more than sixteen years, have elapsed from the end of the relevant assessment year unless the income in relation to any asset (including financial interest in any entity) located outside India, chargeable to tax, has escaped assessment. Explanation. -In determi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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