Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram

TMI Blog

Home

2025 (1) TMI 871

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... d bank statements of various accounts and has also given the details of fixed deposits held by SBI and summarized explanation of credit and debit entries in his NRE/NRI held by SBI and HDFC bank. From the remark column thereon it can be seen that only one entry of 63,133/- was not explained but the rest of the entries and the transactions were totally explained and verified by the Assessing Officer. Once, the assessee has submitted all the credit entries along with debit entries and also that of the submission of employment verification letter, doubting the genuinely of the said documents without any basis is not justifiable on the part of the Assessing Officer as well as by the DRP. AO as well as CIT(A) except the entry of 63,133/- should .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... 30/03/2022. Ground No. 4: Without prejudice to above legal ground, the order passed us. 147 r.w.s. 144C(13) making addition of Rs. 2,28,14,293 is submitted to be bad-in- law and on facts passed in total disregard of the submissions explaining actual facts of the appellant with documents furnished in the paper book comprising 120 pages proving nature of source of money in bank deposits rendering the order to be erroneous factually as well as legally. Ground No. 5: He has grievously erred in law and on facts in sustaining the adverse findings u/s 69A of the A.O. by erroneously holding that the nature and source of money in bank deposits have not been adequately or satisfactorily explained ignoring the detailed submissions furnished with evid .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... filed return of income for the year under consideration. After receiving information and details, the Revenue observed that the assessee made financial transactions. Notice u/s. 148 of the Act was issued and in response thereof the assessee filed return on 01-06-2022 declaring total income at Rs. 3,86,620/- . The Assessing Officer issued draft assessment order dated 17-03-2023 u/s. 144C of the Income Tax Act, 1961 by making an addition of Rs. 2,28,14,293/- as an unexplained money u/s. 69A r.w.s. 115BBE of the Act and proposing assessment of total income at Rs. 2,32,00,913/-. The assessee filed objections against the draft assessment on 13-04-2023 before the Dispute Resolution Panel (DRP). The Dispute Resolution Panel called for the remand .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... Officers were totally ignored by the Assessing Officer as well as by the DRP. Therefore, the Assessing Officer was not right in making addition as the assessee has explained the source in respect of the additions regarding the time deposits in these accounts. 4. The ld. D.R. relied upon the direction of the DRP as well as the assessment order. 5. We have heard both the parties and perused all the relevant materials available on record. It is pertinent to note that on page 13 to 23 of the directions dated 29-12-2023 passed by the DRP, the Assessing Officer himself has categorically mentioned that the assessee has filed copy of fixed deposit summary, copy of bank accounts statements with the HDFC and SBI, copy of investment in time deposit HD .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

 

 

 

 

Quick Updates:Latest Updates