9911796707
TMI Blog2025 (2) TMI 1084X X X X Extracts X X X X X X X X Extracts X X X X ..... ailable on record from the respective financial year 2011-12 to 2016-17. As stated by AR that the members of the HUF are regularly assessed to tax on their separate individual income since last many years prior to the year 1998-99. The copies of Bank accounts in support of withdrawals, copies of Balance Sheet and Capital Account maintained by the late Rameshkumar then Karta in his own Hand writing were also furnished during the course of assessment proceedings and are placed on record. CIT(A) was not justified in making addition Total addition made by AO depending upon the past savings and keeping in view the old age of the then Karta of Late Shri Rameshkumar Parasdas, HUF and balance 50%of the total addition is added as business income o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted by the Assessing Officer in his assessment order, it is pertinent to note that the assessee, in response to the notices issued, online submitted the copy of return of income, copy of computation of income, details of investments and its sources, unsecured loan confirmation, details of bank accounts, details of cash deposits along with sources and supportive documentary evidences. On verification of submission, record, bank statement the Assessing Officer noticed that the assessee deposited demonetisation currency notes (SBN) for ₹ 11,00,000, on 15/12/2016 in the bank account maintained at Punjab National Bank, bearing account no 0813000100155011. The Assessing Officer, on the basis of material available on record, completed assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee submitted that despite the assessee had furnished all the necessary documentary evidences before the Assessing Officer which were relevant to the issue under consideration, however, the Assessing Officer chose to ignore such documents which resulted in addition of ₹ 11 lakh. He thus prayed that the addition be deleted on the basis of documentary evidences furnished. 6. The learned Departmental Representative relied on the order of the authorities below. 7. I have heard the rival arguments, perused the material available on record and gone through the orders of the authorities below. Here, I noticed that the assessee is a HUF and its then Karta Rameshkumar Parasdas Agrawal expired on 22/11/2018. The assessee maintains memorand ..... X X X X Extracts X X X X X X X X Extracts X X X X
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