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TMI Blog2008 (12) TMI 189X X X X Extracts X X X X X X X X Extracts X X X X ..... ovide his address to the Assessing Officer nor was this person produced before the authorities – Order of ITAT upheld confirming the orders of the authorities below upholding the addition of Rs. 11,33,800 as unexplained credit in the bank account of the assessee - 626 of 2008 - - - Dated:- 12-12-2008 - ADARSH KUMAR GOEL and L. N. MITTAL JJ. S. K Mukhi for the appellant. JUDGMENT 1. The assessee has preferred this appeal under section 260A of the Income-tax Act, 1961 (for short, "the Act"), against the order dated May 25, 2007, passed by the Income-tax Appellate Tribunal, Amritsar Bench, in I. T. A. No. 418/ASR/2006 for the assessment year 1998-99. The assessee has proposed several substantial questions of law, but at the tim ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the impugned notice under section 148 on March 24, 2004 ?" 2. The assessee was assessed for the assessment year 1998-99. After assessment, the Assessing Officer received information from the Assistant Director of Income-tax (Investigation), vide letter dated February 11, 2004, that the assessee deposited a sum of Rs. 11,33,800 on September 24, 1997, in cash in his savings bank account. On receiving the said information, notice for reassessment under section 148 of the Act was given to the assessee, proposing to treat the amount of the said cash deposit in the bank as undisclosed income. Finally, the Assessing Officer made reassessment, treating the said amount as undisclosed income. The order of the Assessing Officer has been affirm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was unshaken and maintained even in the cross-examination of these purchasers by the authorized representative of the assessee. Shri Gurdial Singh the third purchaser, could not be traced. So far as regards the assessee, he did not provide to the Assessing Officer the address of Shri Gurdial Singh, nor did he produce to the Assessing Officer. Apropos the marginal witnesses of the agreement, the marginal witnesses (sic). However, the assessee himself objected to these witnesses being examined by the Assessing Officer on the ground that no proceedings were pending before the Assessing Officer and that so the Assessing Officer could not, in law, examine the marginal witnesses. The observations of the learned Commissioner of Income-tax (Appeals ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed to their examination by the Assessing Officer. Hence, this issue raised by the assessee is also devoid of force and is decided against the assessee. 22. In view of the above, ground No. 2 and 5 are rejected. The taxing authorities have concurrently found on facts that the assessee has not been able to explain the source of cash deposit of Rs. 11,33,800 in his savings bank account with Dena Bank. The assessee had put up the story that he had entered into the agreement to sell with S/Shri Gurdial Singh, Sukhdev Singh and Baljit Singh and sold his residential house to them and that the amount was received towards this consideration; that since the deal could not get finalized, the amount was returned by the assessee towards the said trans ..... X X X X Extracts X X X X X X X X Extracts X X X X
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