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Documents citing Sanjay Premchand Kothari, Pune vs Assistant Commissioner Of Income-Tax, ... on 14 February, 2023

Sh. Sanjay Godha, Jaipur vs Acit, Circle-1, Jaipur, Jaipur on 29 August, 2024

3.2 Since, the assessee furnished in complete cash accounts where mismatch of cash balance as well as missing of cash deposits of Rs. 30,000/-, a notice u/s. 142(1) of the Act dated 06.11.2019 pointing out that fact and the reply of the assessee was sought. Since the assessee did not file the reply a reminder to that letter was issued to on 14.11.2019 against which the assessee sought time and thereafter the assessee did not comply to the notice and has not filed reply. Thus, ld. AO noted from the records that the assessee kept the cash amount of Rs. 55 lacs from June 5 ITA No. 539/JP/2024 Sh. Sanjay Godha vs. ACIT 2013 to December 2016 and after a period of four year, the assessee deposited the cash and that too in the form of SBNs. The contention of the assessee not found tenable and therefore, the cash deposited of Rs. 55,30,000/- is completely unexplained and was treated as unexplained money u/s. 69A of the Act. To support this contention the ld. AO also noted that the assessee is a partners of various firms / LLPs and it is quite possible that the assessee did not book any entry of cash transactions in his cash account and therebefore, the cash account submitted was considered as colorable device to distract from the facts of the case. Considering that aspect of the matter and the considering the decision relied in the order by the ld. AO he has made an addition of Rs. 55,30,000/- the amount deposited into the bank account as undisclosed income of the assessee as per section 69A of the Act.
Income Tax Appellate Tribunal - Jaipur Cites 29 - Cited by 0 - Full Document
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