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TMI Blog2021 (3) TMI 456X X X X Extracts X X X X X X X X Extracts X X X X ..... ccount of the assessee - HELD THAT:- While passing the ex-parte reassessment order, made the addition of the entire deposits in the bank account of the assessee without even considering the corresponding withdrawal by the assessee. It is apparent from the bank statement of the assessee that there are frequent deposits and withdrawal by the assessee and therefore, even, if any, addition is made on account of deposits the corresponding withdrawal which can be a source of subsequent deposits is required to be considered. Further, the assessee has also required to explain the deposits in the bank account at different places apart from parent branch where the assessee is having the saving bank account. Therefore, matter is set aside to the reco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7; 12,58,837/- alleged deposits in bank account as income when as per bank statement it is proved that cash deposits were made in bank account and was withdrawn next day or within a week and the final credit balance is ₹ 939.93/- and the entire sums were withdrawn and no finding on this point has been given in appellate order. 4. That on the facts and in the circumstances of this case the learned CIT (Appeals) was not legally justified in the case of the appellant where in appellant having business of trading of cattle fodder(bhusa) and also cane trading business and entire sale proceeds of about ₹ 13,00,000/- where in 5 percent NP rate was to be applied u/s. 44AF of IT Act and no finding has been recorded In order in spite ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) was not legally justified in confirming income of ₹ 12,58,838 and at any rate the estimate of income at ₹ 12,58,837/- confirmed by CIT (Appeals) is arbitrary and excessive. 2. Ground Nos. 1 and 2, regarding the validity of ex-parte order passed by the Assessing Officer without serving the notice u/s. 148 of the Act on the assessee. The Ld. AR of the assessee has submitted that the Assessing Officer has issued notice u/s. 148 at wrong address of the assessee mentioning Ward No. 10 as against the correct address of the assessee as Ward No. 7. Therefore, the notice issued by the AO was not served upon the assessee and consequently the reassessment order passed by the Assessing Officer is invalid and liable to be quashed. He ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ining his account. It is apparent from the bank statement of the assessee that the assessee has given the address as Mohalla Court, Ward No. 10, Nichlaul, Maharajganj. Further, it is pertinent to note that even the assessee in Form No. 36 has given the same address as Mohalla Court, Ward No. 10, Nichlaul, Maharajganj (U.P.). Therefore, the Assessing Officer has issued the notice to the assessee at the address available on record. Before, the Ld. CIT(A) the assessee has made a statement that he is not pressing Ground No. 1, 2, 5 and 6 regarding valid service of notice issued u/s. 148 by the Assessing Officer. The Ld. CIT(A) in Para 5 of the impugned order has recorded the relevant facts as under: 5. Ground of appeal No. 1, 2, 5 and 6 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5% of the said deposit the income of the assessee can be assessed at ₹ 65,000/-. Further, the assessee agree for the assessment of the income at ₹ 1,65,000/- u/s. 44AF of the Act. 7. On the other hand, the Ld. DR has relied upon the orders of the authorities below and submitted that the assessee has not produced any documentary evidence in support of the claim that the deposits made in the bank account represent the sale proceeds of cattle feed/fodder. However, since the assessee has not appeared before the Ld. CIT(A) therefore, the explanation of the assessee is required to be verified by the Assessing Officer on the basis of the supporting evidence. Thus, the Ld. DR has submitted that this contention of the assessee cannot ..... X X X X Extracts X X X X X X X X Extracts X X X X
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