9911796707
TMI Blog2024 (8) TMI 1179X X X X Extracts X X X X X X X X Extracts X X X X ..... Smt. Renu Jauhri, Accountant Member For the Assessee : Shri Suresh Gudhar And Shri Rajesh B Jage. AR For the Revenue : Shri Krishna Kumar.Sr.DR ORDER PER PAVAN KUMAR GADALE, JM: The appeal is filed by the assessee against the order of National Faceless Appeal Centre (NFAC), Delhi/CIT(A) passed u/sec 271(1)(c) and u/sec 250 of the Act. The assessee has raised the following grounds of appeal: 1. Ld. CIT(A) has erred in dismissing the appeal filed on 30.04.2024 stating that the quantum and penalty proceedings are separate, despite the submission that quantum appeal is pending. Without checking the proper facts of case, assigning proper reasons, justification and adjudication. The learned CIT Appeal dismissed the appeal. Where, in the quantum ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he details and subsequently there was no compliance. Whereas the AO has issued a show cause notice proposing the additions (i) the assessee could not substantiate the sources for the purchase of immovable property of Rs. 44,50,000/-(ii) the assessee has not substantiated the sources of cash deposits in the bank account aggregating to Rs. 5,95,000/- and (iii) the assesses could not explain with supporting evidences in respect of salaries paid to employees of Rs. 5.09.531/- .Subsequently, the assessee has filed the return of income on 28.03.2021 and the assessee has filed the details of acquisition of the property and in respect of cash deposits, the A.O has made addition of Rs. 6,58,000/- and assessed the total income of Rs. 6,58,000/- and p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the assessment order u/sec 147 r.w.s 144B of the Act dated 16.09.2021. The Ld. AR has demonstrated the copy of the appellate order dated 10.05.2024 deleting the addition made by the A.O. at Page 7 Para 4.3 to Para 6 of the order read as under: 4.3 Brief facts noted in this case are that as per information available with the department, the assessee had purchased immovable property of Rs. 44,50,000/- and made cash deposit of Rs. 5,95,000/- into his bank account. After recording reasons, u/s 147 of the IT Act, notice u/s 148 of the IT Act was issued to the assessee on 19.03.2020 and served on the assessee electronically. Apart from this notice, various notices were issued to the assessee to furnish necessary documents and written submissio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment proceedings. Since, these evidences were not furnished by the appellant during assessment proceedings, these tantamount to additional evidences. From the perusal of the appellants submission including dated 25/03/2024, and the circumstantial logics at the additional evidences are technical in nature and point to the root of the underlying appeal, the same are acceptable. 5. The appellant has made a very elaborate and passionate submission depicting the cash flow including cash gifts received from the family member as per definition of family in the Explanation to the s. 56(2)(vi) of te Act, cash availed from the Gold Loan from Bank and his own savings. He has furnished sufficient explanation wrt his ground of appeal all of which have b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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