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TMI Blog2024 (1) TMI 486X X X X Extracts X X X X X X X X Extracts X X X X ..... CIT-DR ORDER PER DR. B. R. R. KUMAR, ACCOUNTANT MEMBER: The present appeal has been filed by assessee against the order dated 30.01.2023 passed by the AO u/s 147 r.w.s. 144C(13) of the Income Tax Act, 1961. 2. Following grounds have been raised by the assessee: 1. On the facts and circumstances of the case, the order passed by the learned Assessing Officer is bad both in the eye of law and on facts. 2. On the facts and circumstances of the case, learned Assessing Officer has erred both on facts and in law in making the addition of Rs. 19,96,331/- on account of salary without considering and appreciating Form 16 issued by the Employer. 3. That having regard to the facts and circumstances of the case, learned ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sponse on 14.03.2022 stating as under: We have mistakenly interpreted bank entry of Rs. 49.27,500/- dared 30.07.2012 as salary whereas it was a bank transfer of the accumulated funds of Mr. Neeraj Garg In the narration of the transaction, HSBC Bank has reported CO (i.e. care of) Coca Cola India Inc. that means name of the company was just mentioned for reference purpose and that amount was not actually received from the company. Your honor, we would like to clarify through letter that at the time of furnishing reply letter dated 21.01.2022, wherein credit of Rs. 49,27,500/- was informed to be a Salary', the assessee was in abroad and could not inform us the true nature of credit in bank account. It is humbly accepted that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... passing a speaking and reasoned order. The Panel also hastened to clarify that the AO shall not conduct any fresh inquiry in this regard; the verification shall be made on the basis of documents/submissions available on the records. 7. The AO repeated the draft Assessment Order treating the credit entries as under: Date Amount Narration filed before the Hon ble DRP Narration submitted on 21.01.2022 30.07.2012 68,43,750/- Neeraj Garg Ref. Transfer of funds to India Fx USD 125000.00 ESOP received 30.07.2012 49,27,500/- Neeraj Garg, fund transfer C/o Coca ..... X X X X Extracts X X X X X X X X Extracts X X X X
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