9911796707
TMI Blog2020 (10) TMI 562X X X X Extracts X X X X X X X X Extracts X X X X ..... the case are that as per AIR information, the assessee maintains one S.B A/c. No.078001500145 with ICICI Bank, Nayagarh and the total cash deposits in the said account during the relevant previous year is Rs. 51,49,900/-. Before the AO, it was the submission of the assessee that the cash deposits were sales proceeds and realization of debtors. Accordingly, the AO treated the cash deposits as undisclosed turnover and estimated the profit at 8% of Rs. 51,49,900/- u/s.44AD of the Act. However, subsequently, before the Investigation Wing, the assessee had stated that the bank account was used by one labour contractor and the persons migrating from villages in Nayagarh used to deposit money through agents in J&K and Surat. 4. Thereafter, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... balance in the bank account as on 1.4.2010 was Rs. 47,572/- and the assessee usual get the amount withdrawn from the said bank account by using ATM on different dates to pass on the amount to the different family members. It was also submitted that the assessee submitted that the addition could not be made in the hands of the assessee only due to the fact that the assessee allowed cash deposits in his bank account by the said persons who were not having bank account. Where the AO was having any doubt about the creditworthiness and their source, he could have taken the action in their individuals' hand and not in the hands of the assessee. Ld A.R. also contended that alternatively, the amounts have been deposited and withdrawn continuously, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sh have been made at places outside Odisha i.e. at Surat and Jammu & Kashmir. The amounts have been withdrawn in cash usually from the ATM at Odisha. This lends credibility to the claim of the assessee that the amount deposited on different dates have been withdrawn to be pass on to different relatives of the labourers, which is supported by affidavit furnished by the friend of the assessee Shri Pramod Kumar Sundara. Thus, Shri Sundara has owned the impugned bank account. From relevant paras 4.1 to 4.6 of assessment order, we find that the AO has stated that he issued notice u/s.142(1) of the Act on 11.4.2016 but there is no mention therein that it was served on the assessee and other several notices were also served. In absence of specific ..... X X X X Extracts X X X X X X X X Extracts X X X X
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