9911796707
TMI Blog2022 (7) TMI 428X X X X Extracts X X X X X X X X Extracts X X X X ..... such as registration charges, insurance, life tax etc. - The cash is collected from the customers as reimbursements and hence it does not form part of the revenue of the assessee. We also note that from the paper book submitted by the AR that the Account Number has been typographically wrongly mentioned in the Note-9 in Schedule to Balance Sheet as on 31/3/2017 appended to financial statements, but the balances are properly disclosed in the books of accounts thus, mere a typographical error of the account number of the bank account does not mean that the assessee has not disclosed proper information about the bank account details. The assessee while filing ITR-V has disclosed the bank account ending with No. 38301 in the list of bank ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nish the bank account(s) statement and the KYC particulars of the assessee. A final show cause notice U/s. 142(1) of the Act was issued on 19/9/2019. The AO based on the cash deposits made by the assessee for Rs. 71,41,540/- assessed that the cash deposits are unexplained U/s. 69A of the Act and completed the assessment. The AO also noted that the assessee has two (2) PANs such as ACVFS5183P (Old PAN) and another PAN: ACTFS5317B (New PAN). The AO also observed in his assessment order that the assessee has not disclosed the bank account with Axis Bank, Lakshmipuram Branch, Guntur bearing A/c No. 915020038538301 (in short 38301). The AO also scrutinized the Form-26AS available with the PAN: ACVFS5183P and added an income of Rs. 1,24,362/- bei ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... PAN: ACVFS 5183 P in respect of which addition was made towards income from other sources . 6. Any other ground(s) that may be urged at the time of hearing. 5. Against the grounds raised by the Revenue, the assessee has raised the Cross Objections. 6. The Ld. DR argued that the assessee did not appear before the Ld. AO and hence the order was passed U/s. 144 of the Act. The assessee has produced additional evidence before the Ld. CIT(A) but the Ld. CIT(A) has not called for the remand report from the AO thereby violating the provisions of section (sic Rule) 46A of the IT Rules, 1962. Ld. DR also stated that the assessee is having two (2) PANs violating the provisions of Income Tax Act, 1961. The Ld. DR vehemently supported th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . We have heard the rival submissions and carefully perused the material available on record and the orders of the authorities below. Firstly, we noticed from the order of the Ld. AO in para 2 it was stated that the assessee has not submitted any reply to the show cause notice letters. Relevant portion of the AO order is extracted below: 2. Subsequently a show cause notice letter along with a notice u/s. 142(1) dated 19/9/2019 was issued. Vide the said show cause notice the assessee was again requested to furnish a note on source(s) of cash deposit(s) made during the demonetization period, during the year under consideration and also deposits/amounts received through bank by way of transfer, etc. it was also requested vide the said sho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Copy of IT return filed, if any, for AY 2016-17 along with P L Account, Balance sheet with annexure and audit report. Further, it is requested to furnish the above information through e-proceedings within ten days from the date of receipt of this letter. If no information/objection for completion of assessment is received on or before the said date, it will be presumed that you have no objection to complete the scrutiny assessment proceedings, pending for AY 2017-18 before the undersigned as best judgment assessment U/s. 142(1) r.w.s. 144(1)(b) of the Act by treating the entire cash deposits and other deposits as appearing in your bank account(s) as unexplained income for AY 2017-18 as per provisions of s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nsurance, life tax etc., The cash is collected from the customers as reimbursements and hence it does not form part of the revenue of the assessee. We also note that from the paper book submitted by the Ld. AR that the Account Number has been typographically wrongly mentioned in the Note-9 in Schedule to Balance Sheet as on 31/3/2017 appended to financial statements, but the balances are properly disclosed in the books of accounts thus, mere a typographical error of the account number of the bank account does not mean that the assessee has not disclosed proper information about the bank account details. The assessee while filing ITR-V has disclosed the bank account ending with No. 38301 in the list of bank accounts which was demonstrated by ..... X X X X Extracts X X X X X X X X Extracts X X X X
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