9911796707
TMI Blog2024 (7) TMI 1228X X X X Extracts X X X X X X X X Extracts X X X X ..... 0 of the Income Tax Act, 1961 (in short the Act ) for A.Y. 2015-16. The assessee has raised the following grounds of appeal:- 1. The Ld. A.O grossly erred in estimating the cash deposits based on wrong departmental information viz... Rs. 7,70,000/-+ Rs. 1,07,25,000/-(Rs. 35,75,000/- x 3times) actually total cash deposited during the year was Rs. 35,75,000/- only and not 3 times as stated by Ld. A.O Bank statement and bank certificate duly confirmed cash deposits of Rs. 35,75,000/- bank statement and bank certificate both are attached here with for ready reference. Rs. 12, 50,000/- Pawar Prashant Dattatraya PAN No. BOVPP2056M, Rs. 12, 50,000/- Rorgude Ratan Gangaram PAN No. BUGPB6469P, Rs. 10, 75,000/- from own family resources shown in cash flow statement attached 2. Total deposits in the bank during the year 1.4.2012 to 31.3.2013 were Rs. 1,10,81,217/- (without interest) comprising of cash Rs. 35,75,000/- and bank transfers Rs. 75,06,217/-, Fixed deposit realized of family members Rs. 63,29,559/-, Gold Loan Andhra bank Rs. 4,64,000/- and HDFC bank Rs. 5,12,568/-, RTGS from Share broker Pinnacle Forex 2 Lacs Family members Aged Pan No. assessed since FD REALISED Annexure Japjeet Si ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ertificate issued by the Union Bank of India (Erstwhile Andhra Bank) confirming cash deposit to the tune of Rs. 35.75 Lacs only vide page no. 1 of the paper book. So, the stand of the assessee is confirmed to that extent. As far as sources of this cash deposit is concerned, the assessee duly submitted the PAN No. of the parties namely Mr. Pawar Prashant Dattatraya (PAN No. BOVPP 2056M), Rs. 12.5 Lacs, Mr. Rorgude Ratan Gangaram (PAN No. BUGPB 6469P) and Rs. 10.75 from own family resources. 5. Total deposit in the bank during the F.Y. 2012-13 was Rs. 1,10,81,217/- comprising of cash to the tune of Rs. 35.75 Lacs, Bank transfers of Rs. 75,06,217/-. The bank transfers are not under challenge as the case was re-opened based on the information that the assessee deposited cash to the tune of Rs. 1, 07, 25,000/- (Rs. 35.75x3 Times).The Ld. CIT (A) was very well in a position to examine the people named as loan provider to the assessee for sake of justice and fair assessment of the income chargeable to tax. As far as urgency to accept cash is concerned, it is submitted by the assessee before the Ld. CIT (A) that she incurred heavy losses to the tune of Rs. 53, 91,419/- in F O transactions ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er in this section and in sections 148 to 153 referred to as the relevant assessment year) Provided that where an assessment under sub-section (3) of section 143 or this section has been made for the relevant assessment year, no action shall be taken under this section after the expiry of four years from the end of the relevant assessment year , unless any income chargeable to tax has escaped assessment for such assessment year by reason of the failure on the part of the assessee to make a return under section 139 or in response to a notice issued under sub-section (1) of section 142 or section 148 or to disclose fully and truly all material facts necessary for his assessment, for that assessment year: Provided further that nothing contained in the first proviso shall apply in a case where any income in relation to any asset (including financial interest in any entity) located outside India, chargeable to tax, has escaped assessment for any assessment year: Provided also that the Assessing Officer may assess or reassess such income, other than the income involving matters which are the subject matters of any appeal, reference or revision, which is chargeable to tax and has escaped ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ding that the reasons for such issue have not been included in the reasons recorded under sub-section (2) of section 148. Explanation 4. For the removal of doubts, it is hereby clarified that the provisions of this section, as amended by the Finance Act, 2012, shall also be applicable for any assessment year beginning on or before the 1st day of April, 2012. Section - 149, Income-tax Act, 1961 - FA, 2023 72 [Time limit for notice. 72. Substituted by the Finance Act, 2021, w.e.f. 1-4-2021. Prior to its substitution, section 149, as amended by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989, Direct Tax Laws (Second Amendment) Act, 1989, w.e.f. 1-4-1989, Finance Act, 2001, w.e.f. 1-6-2001 and Finance Act, 2012, w.e.f. 1-7-2012, read as under: 149. Time limit for notice. (1) No notice under section 148 shall be issued for the relevant assessment year, (a) if four years have elapsed from the end of the relevant assessment year, unless the case falls under clause (b) or clause (c); (b) if four years, but not more than six years, have elapsed from the end of the relevant assessment year unless the income chargeable to tax which has escaped assessment amounts to or is likely to ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
