9911796707
TMI Blog2024 (3) TMI 205X X X X Extracts X X X X X X X X Extracts X X X X ..... ted 29/03/2023 arising out of the orders passed U/s. 143(3) of the Income Tax Act, 1961 [the Act] for the AY 2017-18. 2. Briefly stated the facts of the case are that the assessee, an individual, is proprietor of M/s. Buddi Wines filed his return of income admitting a total income of Rs. 13,54,420/- on 28/10/2017 for the AY 2017-18. The case was summarily processed U/s. 143(1) of the Act. Subsequently, the case has been selected for scrutiny under CASS to verify the cash deposits made by the assessee during the year. Thereafter, notice U/s. 143(2) of the Act was issued on 6/9/2018 and served on 12/9/2018. Subsequently, notices U/s. 142(1) of the Act were issued from time to time. Simultaneously, information has been obtained from the Bank ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee has shown the turnover of Rs. 4,37,20,920/- while filing the return of income. Therefore, the Ld. AO treated the difference amount of Rs. 55,43,977/- has not explained by the assessee and taxed it U/s. 69A of the Act under "other sources". Aggrieved by the additions made by the Ld.AO, the assessee preferred an appeal before the Ld. CIT(A). The Ld. CIT(A) on appeal observed that once the cash deposit is treated as turnover, the same shall not be treated as unexplained money within the provisions of section 69A of the Act and therefore deleted the additions made by the Ld. AO by allowing the appeal of the assessee. Aggrieved by the order of the Ld. CIT(A), the Revenue is in appeal before the Tribunal by raising the following Grounds of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 977/-, the Ld. AR submitted that the assessee's bank account was utilized by his sister concern to draw a Demand Draft on their behalf. He further submitted that this was also confirmed by the sister concern by way of an affidavit. Further, the Ld. AR pleaded that these amounts were utilized for the purpose of taking a Demand Draft favouring Andhra Pradesh Beverages Corporation for procurement of the stock by the sister concern which is evidenced by the bank statements submitted in the paper book. The Ld. AR therefore pleaded that the order of the Ld. CIT(A) be upheld. 5. We have heard both the sides and perused the material available on record as well as the orders of the Ld. Revenue Authorities. It is an admitted fact that there is a dif ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r their entity and therefore it cannot be treated as income in the hands of the assessee. 6. With respect to the grounds raised by the Revenue regarding the admission of additional evidence by the Ld.CIT(A) under Rule 46A(2) and 46A(3) of the Income Tax Rules, 1962, we find that Rule 46A(4) confers powers to the Ld. CIT(A) to direct the production of any document or examination of witness to enable to dispose of the appeal. The Ld. CIT(A) has concurrent powers like that of the Ld. AO. Further, section 250(4) of the Act confers powers to the Ld. CIT(A) to make such further enquiries as he thinks fit or may direct the Ld. AO to make further enquiry or report of the same. For the sake of brevity, we extract below section 250(4) of the Act. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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