9911796707
TMI Blog2025 (5) TMI 1086X X X X Extracts X X X X X X X X Extracts X X X X ..... 1961 (for short 'the Act') for the reason 'non-filing of return' as well as based on the information that assessee has deposited Rs. 10,00,000/- or more in the saving bank account and interest on the same were not declared. Accordingly, notices were issued. Several opportunities were given to the assessee by issue of notice u/s 148A (b) of the Act. Notices u/s 142(1) were also issued and served on the assessee. Subsequently, assessee has uploaded information vide reply dated 07.02.2023. Based on the information submitted by the assessee, the AO observed that assessee stated that he is a salaried person and further claimed that his income from other sources as out of loans received from market and loans paid to market and the information sub ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation of Rs. 7,299/- available with him. 3. Aggrieved with the above order, assessee preferred an appeal before the NFAC, Delhi and filed detailed submissions. After considering the detailed submissions, ld. CIT (A) sustained the additions made by the AO. 4. Aggrieved assessee is in appeal before us raising following grounds of appeal :- "1. That the assessment order passed on 28.02.2023, as subsequently upheld by the Ld. CIT(A) on 30.07.2024 is perverse to the law and to the facts of the case, because of assuming incorrect jurisdiction by the Assessing Officer u/s 120 r.w.s. 124 of the Income Tax Act, 1961, without based upon any order passed u/s 127 by the Pr. CIT while initiating, commencement and continuation of proceedings u/s 147, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t under the law and to the facts of the case, because of not taking into consideration that the appellant is a permanent resident of Village and Post Office Chandpura, Etawah (UP) and filing regularly his ITR there before his concurrent jurisdictional Assessing Officer. 7. That the Assessing Officer and the Ld. CIT(A) were further incorrect under the law and to the facts of the case, while accepting part of the statement only which produced and placed upon records for the loan received / paid during the year, without taking into consideration and accepting of the opening cash balance disclosed / appearing therein as on 01.04.2014 of Rs. 28,85,000/-, on which no adverse inference or any reason if any has ever been provided as recorded for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... making the deposit in the bank. He submitted that he conveniently omitted to consider the opening balances held by the assessee at Rs. 28,85,000/- and brought to our notice the ledger account placed on record at page 18 of the paper book. He submitted that the basis of making addition is only on the basis of negative balance observed by the AO while calculating the peak credit. Therefore, the addition made by the AO is uncalled for. 7. On the other hand, ld. DR of the Revenue brought to our notice page 14 of the assessment order, he submitted that AO clearly brought on record the entries found in the bank statements. It clearly prove that the deposits made into his bank accounts to the tune of Rs. 26,21,000/- were not sourced from his ear ..... X X X X Extracts X X X X X X X X Extracts X X X X
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