9911796707
TMI Blog2023 (12) TMI 642X X X X Extracts X X X X X X X X Extracts X X X X ..... he tune of Rs. 2.50 lakh and after deducting this amount of Rs. 2.50 lakh, there is hardly any addition remains. Also find that assessee has submitted sufficient evidences to prove the genuineness of the transaction. The whole exercise is to be based on facts and it is the duty of the assessing officer to marshal all the facts and come to a logical conclusion about the income of the assessee for the year under consideration. For this reliance is placed on the Judgment of Hon'ble Supreme Court in case of Sreelekha Bannerjee [ 1963 (3) TMI 47 - SUPREME COURT] wherein it was held that before the department rejects such evidence, it must either show an inherent weakness in the explanation or rebut it by putting to the assessee some ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , alter or delete any ground(s) either before or in the course of hearing of the appeal. 3. Brief facts qua the issue are that assessee is an individual and has not filed his original return of income for assessment year (A.Y.) 2008-09. On the basis of AIR information, the assessee`s case was reopened u/s 147 of the Act after recording reasons for reopening the case. Accordingly notice u/s 148 of the Act was issued on 12.03.2015 requesting assessee to file return of income for A.Y. 2008-09 within 30 days from the receipt of the said notice. However, assessee did not file his return of income. 4. The Assessing Officer noted that during the assessment year under consideration, the assessee has deposited cash of Rs. 13,79,000/- in his ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nexplained investment and brought to tax u/s 69 of the Act. 6. Aggrieved by these two additions made by the Assessing Officer, the assessee carried the matter in appeal before NFAC/Ld.CIT(A), who has partly confirmed the action of Assessing Officer observing as follows: ..4.18 However the above CBDT s circular no.11/2019 clarifies that set off of loss has to be allowed in the cases where the losses are prior to A.Y 2017-18. Since the appellant s case pertains to A.Y 2008-09, the appellant s loss is eligible for set off against deemed income u/s 68 of the I.T Act. 4.19 In view of the above facts, the appellant s submission and the CBDT s circular no.11/2019, the AO is directed to allow the set off of the appellant s net loss of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nfirmed by the Tribunal, then in order to compute the total income of the assessee, the Assessing Officer has to give exemption for maximum amount which is not chargeable to tax of Rs. 2.50 lakh. 9. The ld Counsel further contended that to prove the genuineness of Rs. 3,15,047/- (balance addition), the assessee has submitted enough evidences such as: I. Bank statement of Surat Peopole s Co-Op Bank II. Bank book of Surat People s Co-op Bank III. Balance sheet, profit and loss account and capital account IV. Cash book V. Futures and Options ledger account VI. Share investment ledger VII. Shares capital gain summary report VIII. Demat account IX. Confirmation from Jainam Share Consultants Pvt. L ..... X X X X Extracts X X X X X X X X Extracts X X X X
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