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TMI Blog2025 (4) TMI 1219X X X X Extracts X X X X X X X X Extracts X X X X ..... t that the assessee has received commission / brokerage from Shri Sandeep Baburao Kamthe of Rs. 44,81,237/- and purchased an immovable property for Rs. 35 lakhs and also has made certain term deposits with Bank of Maharashtra. Since no income was offered by the assessee for the impugned assessment year, the Assessing Officer reopened the assessment by invoking the provisions of section 147 of the Income Tax Act, 1961 (hereinafter referred to as 'the Act') after taking prior approval of the competent authority. He accordingly issued a notice u/s 148 of the Act to the assessee on 22.03.2019 which was duly served upon him. Since there was no response from the side of the assessee, the Assessing Officer issued another notice. The assessee there ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 00,319/- and income from business at Rs. 14,64,252/- both totaling to Rs. 15,64,571/-, he made addition of Rs. 35,39,600/- being the difference between Rs. 51,04,171,/- and Rs. 15,64,571/-. 4. In appeal, the Ld. CIT(A) / NFAC upheld the action of the Assessing Officer on the ground that the assessee failed to furnish any substantial documents to substantiate his claim during the assessment proceedings as well as in appeal proceedings. 5. Aggrieved with such order of the Ld. CIT(A) / NFAC, the assessee is in appeal before the Tribunal by raising the following grounds: 1. On the facts and in the circumstances of the case and in law, the Ld. Commissioner of Income Tax (Appeals), National Faceless Appeals Centre (NFAC), Delhi erred in dismi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... being arbitrary, illegal and bad in law, such addition be deleted. 3. On the facts and in the circumstances of the case and in law, the Ld. Commissioner of Income Tax (Appeals), National Faceless Appeals Centre (NFAC), Delhi erred in dismissing the appeal of the appellant thereby confirming the addition made by the Ld. Assessing Officer ignoring and without appreciating the facts that the amount of Rs. 35,39,600/- added to the total income included the estimated household expenses of Rs. 2,00,000/- and also the total expenses of Rs. 20,18,900/- having no basis and further wrongly holding total receipts of Rs. 71,23,071/- in the credits in bank account for this year were not only the commission/brokerage income and interest income but were ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ficer has included the amount of loan taken from Bank of Maharashtra against FD at Rs. 9 lakhs and unsecured loan from Uttam Kamathe at Rs. 7 lakhs as the receipts of the assessee which is not correct. Referring to pages 14 and 15 of the paper book, the Ld. Counsel for the assessee drew the attention of the Bench to the loan confirmation from Uttam Baburao Kamthe along with his bank statement. Similarly, referring to page 16 of the paper book, he submitted that the assessee has taken loan against FD. He submitted that this being an old appeal relating to assessment year 2013-14 and since the assessee had declared income under the Income Tax Declaration Scheme, 2016 amounting to Rs. 14,45,309/-, has taken as unsecured loan of Rs. 7 lakhs, ta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... considering the household expenses of Rs. 2 lakhs and the amount paid for purchase of land of Rs. 12 lakhs, the total cash available with the assessee is only Rs. 20,18,900/- which is available for meeting his business expenses from the total receipt of Rs. 71,23,071/-. Therefore, after deducting the amount already shown by the assessee in the return of income the Assessing Officer made the addition of Rs. 35,39,600/-. A perusal of the details furnished by the assessee shows that he has declared an amount of Rs. 14,45,309/- as undisclosed income for assessment year 2013-14 on which he has paid the taxes. The challans and certificate issued by the department are already available on record. Similarly, the assessee has also enclosed the bank ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed the income under the Income Tax Declaration Scheme, 2016 for assessment year 2013-14 at Rs. 14,45,309/-. Further, the amount of Rs. 9 lakhs received by the assessee from himself from loan against FD cannot be considered as business income. The assessee has declared his income u/s 44AD of the Act by estimating the same and this being a very old appeal relating to assessment year 2013-14, we are of the considered opinion that there is no point in restoring the issue to the file of the Assessing Officer for adjudication of the issue afresh as argued by the Ld. DR since the figures are crystal clear from the bank statement filed by the assessee in the paper book. Under these circumstances, the addition made by the Assessing Officer in our op ..... X X X X Extracts X X X X X X X X Extracts X X X X
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