9911796707
TMI Blog2024 (9) TMI 1375X X X X Extracts X X X X X X X X Extracts X X X X ..... u/s 143(2)/142(1) were issued. During assessment-proceeding, the AO asked the assessee to explain source of cash deposits of Rs. 12,30,000/- made in bank a/cs during demonetization period. In response, the assessee explained four sources, namely (i) Gift of Rs. 2,00,000/- received from father, (ii) cash balance of Rs. 2,30,000/- held by assessee, (iii) Receipt of Rs. 6,00,000/- from sale of agricultural produce and (iv) Recovery of Rs. 2,00,000/- from loans given to friends/relatives. The AO accepted first two sources. 2.1 So far as 3rd source of receipt of Rs. 6,00,000/- from sale of agricultural produce is concerned, the assessee filed copies of Form B-I and B-II for land holdings and Bills of sale of agriculture produce. The AO issued notice u/s 133(6) to one Shri Piyush Gupta, proprietor of M/s Piyush Traders, Barwani Road, Anjad to whom the assessee sold agricultural produce, for verification of bills issued by that party. However, Shri Piyush Gupta did not respond to AO's notice. For this reason, the AO rejected Bills of M/s Piyush Traders submitted by assessee. The AO then estimated/accepted agricultural receipts at Rs. 3,60,000/- according to landholding of assessee and t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nder Sales-tax law. Thus, the Bills are very much genuine and there is no single infirmity in the Bills to raise eyebrow to suspect that they were not genuine Bills. Ld. AR also drew us to Page 26 of Paper-Book where a screen shot of online query raised by assessee in "Dealer Search" section of Department of Commercial Taxes, Madhya Pradesh is filed. This screen shot which is a Govt. record, clearly shows that M/s Piyush Traders was a registered dealer under 'Sendhwa Circle' of Sales-tax Department from 25.11.1994 with same "TIN - 23172202451" as mentioned in the Bills. Thus, Ld. AR strongly contended that there was no reason to suspect the Bills submitted by assessee. Ld. AR went further on explaining that the AO has taken an adverse view against assessee only because M/s Piyush Traders did not respond to the notice sent by AO u/s 133(6) but it was a prerogative of M/s Piyush Traders to respond or not to respond to AO's notice, the assessee had no control over M/s Piyush Traders to make it respond to AO's notice. Therefore, Ld. AR contended, the AO was grossly wrong in drawing a conclusion against assessee only on the basis of non-response of notice by M/s Piyush Traders without p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , Ld. AR carried us to Page 67 of Paper-Book where an e-filing acknowledgement dated 11.11.2019 is placed in which the assessee filed response to the first notice u/s 142(1) stating that "..... I have already complied all the requirements/evidences raised under previous notices. Further, I am in the process to reply your recent show-cause notice and will posted in before due date". This reply filed by assessee is also acknowledged and re-produced by AO at two places in Para 4 and 6 of assessment-order. By means of these documents, Ld. AR submitted that the assessee originally filed complete details of loans in a letter on 20.09.2019 and thereafter filed a reply on 11.11.2019 in response to the notice u/s 142(1) stating that the details had already been filed and also demanding time from AO for filing further documents. Thereafter, the assessee in fact collected documents from all 12 persons to whom loans were given in the shape of their A/c Confirmations and Aadhar Cards as ID proofs (death-certificate of one deceased), copies of these documents are filed at Page 27-62 of Paper-Book. These documents were ready by assessee for filing before 22.11.2019 i.e. the date fixed by AO in "S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion in the return of income. During the course of assessment-proceeding, when the AO asked assessee to explain the source of deposits in bank a/c made during demonetization period, the assessee explained that gross receipts of Rs. 6,00,000/- relatable to agriculture were used for making deposits. The assessee also filed bills of agricultural crops sold to M/s Piyush Traders, Barwani Road, Anjad. Ld. AR has rejected bills of M/s Piyush Traders only for the reason that the notice issued by him u/s 133(6) was not responded by M/s Piyush Traders. But on perusal of copies of bills filed to AO and also placed in Paper-Book, we find that there are four bills which contain complete details such as Bill No., Date, Name and address of M/s Piyush Traders, Name and address of assessee, Item, Quantity, Rate, Value, a clear mention that M/s Piyush Traders made cash payment to assessee, Signature of assessee (as seller) and Signature of person of M/s Piyush Traders (as purchaser). Further, all four Bills also contain 'TIN - 23172202451' which was a 'Registration No. (Tax Payer's Identification No.)' of M/s Piyush Traders under Sales-tax law. There is also a screen shot taken from "Dealer Search" ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t he was a part of group of friends in which they always give small amounts to each other in case of need and on such transactions, nobody charged interest and that his friends returned loans prior to demonetization but the assessee could not deposit money in his bank a/c due to Diwali festival. Thus, the assessee filed preliminary details on 20.09.2019. Thereafter, the assessee again filed a reply on 11.11.2019, in response to notice dated 07.11.2019 u/s 142(1), stating that he had already filed details and demanding further time to file more documents. The AO issued show-cause notice dated 07.11.2019 also fixing the hearing on 22.11.2019 but passed assessment-order on 18.11.2019 itself, even prior to the appointed day. Be that as it may, the assessee has filed supporting evidences of all loan given and recovered at Page 27-62 of Paper-Book which are A/c Confirmations, Notarised Affidavits of parties and Aadhar Cards of parties as ID proofs (death certificate in case of one deceased), copies of these documents were also filed to CIT(A). On examination, we find that the parties have given their A/c Confirmations in which details of loans taken from assessee and repayments made to a ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
