9911796707
TMI Blog2025 (5) TMI 698X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessment order u/s 147 r.w.s. 144 of the Act, dated 25.09.2021. 2. The assessee is in appeal before the Tribunal raising the following grounds of appeal: "1. On the facts and in the circumstances of the case, the order passed by the learned CIT(A) under section 250 is erroneous, contrary to the principles of natural justice, and is liable to be quashed. The assessment was made based on assumptions without adequately considering the appellant's submissions and documents that substantiate the genuineness of transactions. 2. The Ld. CIT(A) failed to consider that all transactions were consistent and carried out within the normal course of business operations. These included both the purchase and sale of shares, which were genuine tra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he bank accounts and noted that a cumulative sum of Rs. 3,89,00,000/- was received by the assessee, which was transferred from M/s After link Commercial Pvt. Ltd., M/s Overtop Vanijya Pvt. Ltd., M/s Jalnayan Vinimay Pvt. Ltd. & M/s Pachmurti Vincom Pvt. Ltd., the details of which are mentioned at page 3 of the assessment order. On analysis of the return for AY 2013-14, it was found that the assessee had disclosed total income of Rs. 27,900/- vide acknowledgment No. 779148511190913 on 19.09.2013 and no regular assessment was made. Accordingly, the assessment was reopened u/s 147 of the Act and notice u/s 148 of the Act was issued. The assessee furnished documents and reply in response to the notice issued. The Ld. AO was of the view that mer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ceipt of money during FY 2012-13. But immediately after credit of the amount, the amount is withdrawn leaving a negative cash balance. A copy of the bank statement of account with KVB is attached herewith. The debits are in the name of companies whose shares are purchased. 2 Explanation for source of credit in the bank account. Copy of share bills, sale bills of entities. There is credit entry of Rs 20 lakhs and 25 lakhs as well as 18 lakhs in the name of Jalnayan Vinimay Pvt Ltd. Jalnayan has been sold 12600 unquoted equity shares for a total consideration of 63 lakhs. Though the assessee has not been able to show a direct link between the sale of shares and receipt of money, still credit is given towards Rs 63 lakhs as money is credi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s own unaccounted income held in the form of SBNs to deposit in its bank accounts by routing the same through his books of accounts. As no explanation regarding the source of cash deposited in the bank accounts has been provided, corresponding credits to his books of accounts remain unsubstantiated. 7.5 Under the facts and circumstances as above, it is clear that source of credits in his books of accounts amounting to Rs 389,00,000/- during the year remains unsubstantiated. The assessee has offered no satisfactory explanation about the nature and source of credits in its books of accounts. The total amount of credits which are accepted are given in the Table above, the total of which comes to Rs 2.41 crores. Considering the facts and circ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d and for the rest a rectification application was pending. 6. We have considered the submission made. As is informed that the rectification application filed before the Ld. CIT(A) is pending before him and in para 7.5 of the appeal order on the basis of the calculation done part of the addition has been confirmed. The assessee has assailed the appeal order on ground of selective acceptance of the submissions made before the Ld. CIT(A) by the assessee. The extract from the written submissions filed before us is as under: "The CIT(A) has selectively considered only certain transactions from the appellant's bank statements while completely ignoring others, despite the fact that all transactions are genuine and routed through proper ban ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... would provide a clear and accurate representation of the financial dealings undertaken by the appellant. The failure to adopt a uniform approach has led to the sustenance of an incorrect addition, which is liable to be deleted in the interest of justice. To substantiate the genuineness of all transactions, the appellant once again submits before the Hon'ble Tribunal a full set of bank statements. These documents clearly establish that every transaction is accounted for and verifiable through proper banking channels. There is no adverse finding regarding the authenticity of these documents, and no discrepancy has been pointed out in the bank records. Since the transactions form part of the same bank statement, it is imperative that th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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