9911796707
TMI Blog2024 (6) TMI 1435X X X X Extracts X X X X X X X X Extracts X X X X ..... ounds of appeal raised by the assessee are as under: "1. On the facts and in the circumstances of the case as well as in law, both the lower authorities have erred in making addition of Rs. 1,12,26,193/- on account of the alleged unexplained money u/s 69A r.w.s. 115BBE of the Act, on misleading, baseless, arbitrary and perverse observations, is contrary to law and facts of the case and hence, liable to be quashed. 2. On the facts and in the circumstances of the case as well as in law, the CIT (Appeals), NFAC, Delhi has erred in confirming the order u/s 144 of the Act is in pure violation of the principles of natural justice, is without jurisdiction, bad in law, illegal, invalid, arbitrary, void ab initio and hence, liable to be quashed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ined nor such money offered for taxation. The onus is on the assessee to prove that the cash deposits made did not bear the character of income. The assessee has failed to prove that the cash deposited during demonetization are normal business receipts and therefore, it was held that amount of deposits made in the bank accounts, including cash deposited during demonetization period, represented income from undisclosed sources. Due to the failure of assessee to offer explanation and file requisite details, the Assessing Officer made an addition amounting to Rs. 1,12,26,193/- u/s 69A r.w.s. 115BBE of the Act. The Assessing Officer also initiated penalty proceeding u/s 274 r.w.s. 271AAC and 271F of the Act. 4. Aggrieved by the order of Assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e to furnish any reply. The Ld. AR submits that in column no.8 and 9 of Form 35, the assessee has clearly mentioned 'Not Applicable' against the details as to whether the tax due on the income returned has been paid full or where no income tax return was filed by the assessee, whether amount equal to an advance tax as per Section 249(4)(b) of the Act has been paid. The Ld. AR submitted that assessee is a registered Co-operative Society engaged in the activity of collective disposal of labour of its members and is eligible for deduction u/s 80P of the Act. Hence, order of Assessing Officer treating the cash deposits and other credit entries arising out of the primary activity of collective disposal of labour of its members as unexplained inc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eposits and credit entries appearing in the bank account maintained with Central Bank of India, the Assessing Officer was left with no other option but to make the 'best assessment judgement' u/s 144 of the Act. The Assessing Officer has also initiated penalty u/s 271AAC and 271F r.w.s. 274 of the Act. The Ld. AR stated that assessee is a registered Co- operative Society engaged in the activity of collective disposal of labour of its members and is eligible for deduction u/s 80P of the Act. In the paper book, the assessee has furnished computation of total income wherein net profit as per profit and loss account was Rs. 3,94,835/- on which tax payable was Rs. 1,37,971/-. The assessee has also submitted Form 26AS wherefrom it is seen that TD ..... X X X X Extracts X X X X X X X X Extracts X X X X
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