9911796707
TMI Blog2025 (3) TMI 1087X X X X Extracts X X X X X X X X Extracts X X X X ..... Ld. A.O has erred in issuing the final assessment order dated 23/12/2019, U/s 143(3)/147 of the Income Tax Act, 1961 without quoting the mandatory Documentation identification number ('DIN') in conformity with Para-2 and Para-3 of CBDT Circular No. 19/2019 dated 14th August 2019 and thus, the said final assessment order deserves to be held as invalid, bad in law and void-ab-initio. Reliance is placed on the following judgments: i. The Commissioner of Income Tax Vs Brandix Mauritius Holdings Ltd dated 30.05.2023. [149 taxmann.com 238 (Delhi)( HC)] ii. Jammat-E-Islami Hind, New Delhi Vs CIT (Exemptions), New Delhi dated 20.11.2023. [ITA No. 1289/Del/2023] iii. Rhone Associates Pvt. Ltd., Gurgaon Vs ACIT Central Circle- 29 dated 01.11.20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... les made during the year. He submitted that Assessing Officer has estimated 10% of the purchases as gross income of the assessee and the same was sustained by Ld. CIT(A). He submitted that the addition proposed by the Ld. Authorities are on higher side and assessee has declared net income of Rs. 3.5% of the total sales and he prayed that proper income may be estimated. 3. With regard to other additions made by the Assessing Officer of Rs. 6 lakhs u/s 68 of the Act he submitted that the Assessing Officer has merely observed that Rs. 3 lakh each of amount received from Goyal Trading Company and Sagar Enterprises (supra) as cash deposits without properly verifying the debit entries, wherein the same was contra entry for cancellation of cheque ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... notice, bank account as well as ledger copies of Goyal Trading Company and Sagar Enterprises and we observe that there is no cash deposits in any of the ledger accounts submitted by the assessee and also there is no cash deposits in any of the bank accounts submitted before us to the extent of Rs. 3 lakh each from both the parties. In the case of Goyal Trading Company, I observe that there is a credit balance of Rs. 3 lakhs and at the same time I observe that there was also a debit of Rs. 3 lakhs, which shows that it is a contra entry for dishonour of the cheque deposit by the assessee. Therefore, in absence of any cash deposits and I observe that all the transactions recorded in the bank account are only through cheques, therefore, I do n ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
