9911796707
TMI Blog2022 (12) TMI 78X X X X Extracts X X X X X X X X Extracts X X X X ..... onded by the assessee. Therefore ground Nos. 1 and 2 of assessee are dismissed. Deposit in IDBI bank and State Bank of India - AO made both the additions in absence of any explanation or evidence produced by assessee. NFAC/CIT(A) granted partial relief with regard to deposit / credit in State Bank of India about the credit of salary. No other evidence to substantiate the source of investment filed nor any written submission is filed before me. Therefore, in absence of any explanation on the part of assessee, no merit in the ground No.s 3 4 raised by assessee - ITA No.08/SRT/2022 - - - Dated:- 30-11-2022 - Shri Pawan Singh, Judicial Member For the Assessee : None For the Revenue : Shri Vinod Kumar, Sr-DR ORDER UNDER ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of assessee was reopened on the basis of NMS information that assessee has made time-deposit of Rs.5 lakh in IDBI Bank and sources of investment was not verified. A query letter was issued to the assessee on 27.02.2018 and again on 09.03.2018 requesting to furnishing source of such investment and copy of return, if any, with supporting documentary evidence. But no response was made on the part of assessee. The Assessing Officer recorded reasons of reopening by taking view that income of assessee to the extent of time deposit as escaped assessment. The notice under section 148 dated 24.03.2018 was issued to assessee. The Assessing Officer recorded that no compliance was made on the part of assessee in response to notice issued under section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... credit, credit of Rs.2,49,320/- relates to salary and remuneration. The Ld.NFAC/CIT(A) accordingly granted partial relied to assessee and reduced the addition of Rs.8,28,908/- to Rs.2,49,320/- and upheld the remaining addition. 5. Further aggrieved the assessee has filed present appeal before the Tribunal. 6. The notice of hearing of appeal was sent to the assessee through Registered Post Acknowledgment Due (RPAD) at the address given in Form-36. The said notice was returned back un-served with the remarks of Postal Department as Left . Therefore, we left no option, but to decide the appeal on the basis of material available on record and after hearing Ld. Senior Departmental Representative (Ld.Sr-DR) for the Revenue. The Ld. Sr-DR f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... missed. 8. Ground No.3 and 4 relate to deposit in IDBI bank and State Bank of India. I find that Assessing Officer made both the additions in absence of any explanation or evidence produced by assessee. The NFAC/CIT(A) granted partial relief with regard to deposit / credit in State Bank of India about the credit of salary. No other evidence to substantiate the source of investment filed nor any written submission is filed before me. Therefore, in absence of any explanation on the part of assessee, I do not find any merit in the ground No.s 3 4 raised by assessee. Hence, both grounds of assessee are dismissed. 9. In the result, the appeal of the assessee is dismissed. Order pronounced in the open court on 30/11/2022. - - TaxTM ..... X X X X Extracts X X X X X X X X Extracts X X X X
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