9911796707
TMI Blog2022 (11) TMI 1239X X X X Extracts X X X X X X X X Extracts X X X X ..... sis of deposits in his regular bank account and no 'material' of adverse nature having been found against the appellant. 2. Because merely deposits in bank account does not constitute the reason to belief so as to invoke jurisdiction under section 147 of the Act. 3. Because the proceedings under section 147 has neither been validly initiated nor concluded in accordance with law, accordingly the assessment order dated 27.12.2017 is erroneous and bad. 4. Because no notice at all having been served upon the appellant under section 143(2) after filing of return in compliance to the notice issued under section 148 of the Act, the assessment order dated 27.12.2017 passed by the ld. Assessing Officer as also confirmed by the CIT(A) by obs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... there is no match between the cash deposited in the bank account and the list of the persons given by the assessee and consequently made the addition of Rs. 16,91,450/- to the total income of the assessee. The assessee challenged the action of the Assessing Officer before the CIT(A). The CIT(A) called for a remand report from the Assessing Officer and after considering the remand report had upheld the addition made by the Assessing Officer. 4. Before the Tribunal, the learned AR of the assessee has submitted that the assessee is a LIC agent and the amount deposited in the bank account of the assessee represents the premium paid by the persons who got insurance policy through the assessee. The said deposits were made at the outstation branc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of money to their family. He has thus, pleaded that the addition made by the Assessing Officer and confirmed by the CIT(A) is not justified and liable to be deleted. 5. On the other hand, the learned DR has submitted that the Assessing Officer as well as CIT(A) has examined the evidence produced by the assessee and found that there is no co-relation between the details of the insured persons furnished by the assessee and the receipts given by the persons. Further, there is no corroborating evidence to show that the deposits were made by these persons whose names are given by the assessee in the list of insured persons and the assessee has used the said money for payment of their policy premium. He has relied upon the orders of the authori ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessee is an Insurance Agent received premium from his clients and same were deposited in the bank account and later withdrawn for making of payment of premium. The assessee pleaded that a proper representation was not made before the Assessing Officer and contended that the amount deposited in the bank account represents the premium amount directly deposited by the clients of the assessee which was used by the assessee for the payment of policy premium on their behalf. The CIT(A) called for a remand report from the Assessing Officer. The Assessing Officer in the remand report has discussed the details as submitted by the assessee and pointed out that the name of the persons who had deposited the money into bank account is different fr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed that some of the amount was deposited by persons who were residing outside and they use to remit the amount in the saving account of the appellant to be paid to their families who were residing in the nearby villages. Thus two types of payments were received in the bank account of the appellant. The appellant has failed to submit any evidence to substantiate the contention made him. It is pertinent to note here that there was no need for the appellant to collect the premium amount from his customers, in cash, then deposit the same amount in his bank account and once again withdraw the same amount in cash for making payment of the premium. The appellant could have simply collected the cash from his customers and made the payment of the pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... policy numbers and due date of premium for various years. From page nos. 11 to 22, the copies of the receipts issued by the various persons. It is pertinent to note that the name appearing in the list of policy holders recorded in the diary are not matching with the names of the persons who have issued the receipts. Further, the receipts are in the nature of certain amount received by those persons and not the amount given or deposited by those persons in the bank account of the assessee. The Assessing Officer reproduced one of the receipts and all the receipts are identical in language except the name and amounts and dates which are separately filled up. Therefore, neither the list of the policy holders nor the receipts are supporting the ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
