9911796707
TMI Blog2023 (1) TMI 707X X X X Extracts X X X X X X X X Extracts X X X X ..... legaon [for short "AO"] for the assessment year [for short "AY"] 2013-14. 2. The original grounds assailed by the appellant through appeal memorandum are; "1.On the facts and in the circumstances of the case, the learned CIT(A) has erred in not allowing the appeal of the appellant and in not holding that the addition made u/s 68 by the learned AO was illegal and has erred in holding, without giving any opportunity to the appellant, that the learned AO should have made addition u/s 69A of the Act. 2. On the facts and in the circumstances of the case, the learned CIT(A) has erred in not allowing the appellant the benefit of peak credit in respect of earlier withdrawals in cash from her bank account against the subsequent cash deposits i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the appellant wishes to raise additional grounds challenging the validity of addition u/s 68 of Rs.91,63,030/- made towards alleged unexplained cash deposits in bank account by travelling beyond the scope of limited scrutiny proceedings under CASS selected for the reason of verification of source of investment in immovable property which was not at all, purchased by the assessee individual but by the partnership firm wherein the assessee was a partner. The copy of additional ground is enclosed herewith. 2. The appellant submits that the additional Grounds are purely legal in nature and no new facts are required to be brought on record for adjudicating the said grounds. In this regard, it is submitted that the above contention was also sp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... record, a new legal ground raised by the assessee before the Tribunal must be admitted for adjudication. In view of the above facts and judicial decisions, the appellant humbly prays that the additional grounds raised by the appellant, being purely legal in nature, may please be admitted for adjudication in the interest of justice." 5. Considering the original and the additional grounds, we have to voice that, neither of them are in consonance with rule 8 of the Income Tax Appellate Tribunal Rules, 1963 [for short "ITAT-Rules"], for the reason it shall suffice to articulate that, the sole and substantive ground in the extant appeal revolves alleging around that, both the tax authorities below [for short "TAB"] without appreciating the sco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o verification of large investment made by the assessee. It is an undisputed fact that, during the impugned assessment year under adjudication, the appellant indeed made no investment into any immovable property, but the firm in which the appellant is a partner wherefore the appellant has contributed her share in making such investment out of the bank balance held by her wherein certain cash was deposited. However, on the basis of investment made by the firm, the financial transactions of the appellant were scrutinised and eventually the cash deposits made into her bank accounts were brought to tax in the hands of appellant u/s 68 of the Act as unexplained cash credit. 9. We are heedful to note that, in the absence of any large investment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the decision of Hon'ble Jurisdictional Bombay High Court in "Bombay Cloth Syndicate Vs CIT" reported at 214 ITR 210 whereby their lordship have held that, the instruction issued by the mother body i.e. CBDT undisputedly are binding on the department and any action in violation thereof renders it as untenable in law, consequently in the extant case, assessment been carried out in violation of instruction issued by CBDT deserves to be quashed, ergo we set-aside the first appellate order passed u/s 250 and quash the order of assessment passed u/s 143(3) of the Act as bad in law. 12. Resultantly, the appeal of the appellant assessee is ALLOWED in aforestated terms. In terms of rule 34 of ITAT Rules, the order pronounced in the open court on ..... X X X X Extracts X X X X X X X X Extracts X X X X
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