Case Law Details
Rajeshkumar Baldevbhai Patel Vs ITO (ITAT Ahmedabad)
ITAT Ahmedabad held that assessee has produced many evidences to provide genuineness of the transactions and hence addition confirmed by CIT(A) is liable to be deleted.
Facts-
The assessee is an individual and engaged in agricultural activities and not filed the Return of Income. It is noticed by AO from the AIR information, the assessee has made cash deposits of Rs. 14,50,500/- in the saving bank account with Bank of India. In order to verify the above transaction, a letter dated 01.03.2017 was issued. However, no response from the assessee.
Therefore, the assessment was reopened by issuing a notice u/s. 148 of the Act on 27.03.2017 and duly served upon the assessee by affixture. AO issued further notices u/s. 142(1) calling upon the details from the assessee however, as there is no response to the above notices. AO collected the bank account details u/s. 133(6) of the Act from Bank of India and made the cash deposit of Rs. 14,50,500/- as addition u/s. 68 of the Act. AO also added the interest from the saving bank account of Rs. 4,840/- and determined the total income as Rs. 14,55,340/- and demanded taxes thereon and also initiated penalty proceedings.
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