9911796707
TMI Blog2023 (1) TMI 774X X X X Extracts X X X X X X X X Extracts X X X X ..... ed for a remand report from the AO however, the AO in his report dated 13.8.2019 has objected to the admission of the additional evidence / documents, facts and grounds and consequently pleaded that the same should not be entertained. CIT(A) without asking the AO to submit a remand report based on the verification and examination of the said evidence has passed the impugned order. Therefore, we are of the considered opinion that the evidence produced by the assessee first time before the CIT(A) is required to be verified and examined at the level of AO. Hence, the impugned order of the CIT(A) is set aside and the matter is remanded to the record of the AO for adjudication of the same afresh after proper verification and examination of the e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on the facts and circumstances of the case and in law, the Ld Commissioner of Income Tax(Appeal), Varanasi is justified in deleting the addition of Rs2,23,91,526/- on the ground that AO had accepted the amount as turnover in the penalty order u/s271B, ignoring the fact that the assessing officer had himself treated the deposits in the RMB pharmacy account as suppressed sales and added the whole amount of sale proceeds because of the inability of the assessee to produce any evidences regarding purchase and expenses. 4. Whether on the facts and circumstances of the case and in law, the Ld Commissioner of Income Tax(Appeal), Varanasi erred in accepting the cash deposits of Rs. 83,96,300/- in the saving bank account in Central Bank of India a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0/- cash in his saving bank account maintained with Central Bank of India. The assessee did not furnish any explanation or documentary evidence regarding the source of the said cash deposit in the bank account and consequently the AO has made the said addition of the amount of Rs. 83,96,300/- as income from unexplained source under section 69A of the Act. 3. On appeal, the CIT(A) has restricted the addition made by the AO towards the credit in the current account of Rs. 2,24,57,832/- to the GP rate at 24% which was declared by the assessee on the disclosed turnover. Therefore, the CIT(A) has granted a substantial relief on this account. Similarly, the CIT(A) treated the cash deposit in the savings bank account of the assessee as turnover o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... O cannot be held as in violation of Rule 46A of the Income Tax Rules. However, the learned AR fairly submitted that if the Bench finds that this record is required to be examined and verified by the AO then the same may be remanded to the record of the AO. 6. Having considered the rival submissions as well as relevant material on record we find that during the course of assessment proceedings, the assessee did not furnish any record or explanation regarding the source of deposits made in the current account as well as saving account maintained by the assessee. The AO consequently made two additions of Rs. 2,24,57,832/- on account of suppressed sale / undisclosed turnover and a sum of Rs. 83,96,300/- on account of unexplained cash deposit i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... otal turnover was Rs. 2,98,86,309/- on which G.P. rate of 12.77% and N.P. rate of 12.32% was offered during the course of appellate proceedings. A revised balance sheet, trading and P/L account, copies of various bills for purchase of medicines alongwith copies of bank accounts was also filed. Since these details and submission were not made before the A.O., the same were forwarded to him for his comments. In the remand report submitted through F.NO. ITO 2(3)/Vns/Comments/2018- 19/362 dated 13.08.2019, the A.O. merely submitted that the assessee was offered many opportunity of being heard come the details of purchase and sale and books of accounts were not produced during the course of assessment proceedings and it was claimed that these do ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
