Indian Kanoon - Search engine for Indian Law

4. That the appellant craves leave to add or amend the grounds of appeal before the appeal is finally heard and disposed off."

3. The brief facts emerging from records are that the assessee is engaged in the business of retail trading of foreign liquor under license granted by the State Excise authorities. On the basis information gathered by the AO that the assessee has made cash deposit amounting to Rs. 15 crore ( fifteen crores ) in the current account maintained with Oriental Bank of Commerce under the trade name of Mandeep Singh and Sons, during the period 13.03.2012 to 26.03.2012 , and in absence of any regular return on record , necessary inquiries were conducted u/s 133(6) , and in absence of any response from the assessee , proceedings were initiated u/s 147 after necessary approval from higher authorities vide notice dated 27/03/2019, against which return was filed on 15th November, 2019, declaring income of Rs. 1,65,519/- on disclosed turnover of alcoholic liquor (for human consumption) Rs.83.36 lakhs. 3.1 The entire amount of cash deposited in the bank account (within the specific period of 13th March, 2012 to 26th March 2012) was immediately transferred by cheque in favour of two business concern (i) M/s Gagan Wine Trade and Financers I.T.A. No. 645/Asr/2024 Assessment Year: 2012-13 4 Ltd. and (ii) M/s New Gagan Wines ( Proprietor Mr Amit Doda ) as evident from the bank statement ( placed in page - 11 of PB ) .

acting as authorised signatory of the assessee firm Mandeep Singh and Co . 3.2 It is also seen from record that the disputed bank account was operated by the above two parties ( through the authorised signatory ) and the assessee had no control over the said bank account and had no access to the cheque books and he has I.T.A. No. 645/Asr/2024 Assessment Year: 2012-13 5 neither deposited any money in the said bank account nor withdrawn any money from the same and nothing belongs to him and has not derived and direct or indirect benefits from such financial transactions. As stated by the assessee the entire financial transaction has been done with malicious intention and it was never in the knowledge of the assessee and the entire exercise has been done by New Gagan Wines ( Prop Amit Doda ) for their personal benefits , being engaged in similar trade of alcoholic liquor ( as distributor as evident from Form 26AS ). 3.1 The entire transactions of corelating purchase of alcoholic liquor are also recorded in the income tax portal in form 26AS in the name of the assessee, and the same is subjected to TCS collected at source ( u/s 206C ), and the entire transactions of purchase are affected through the disputed bank account Oriental bank of commerce a/c XXXXXXXX2070 , which according to the assessee does not belong to him or does not relate to him and the assessee has never claimed the credit of corresponding TCS u/s 206C , in his return.