19 March 2015
Assessee held cash in hand about Rs. 4lacs. He is not maintainig any books of account. After some time,he deposited abovementioned sum in bank.A.O had made additions as income escaped.He didnt consider any confirmations and proofs.Please give advice in favour of Assessee by citing relevant section and case studies.
19 March 2015
The opportunity of being heard must be given by the Assessing Officer before making any addition. Write a letter to the concerned Assessing Officer under copy to his immediate superior.
19 March 2015
sir i had gave letter and proper documentary evidence regarding it but he took credit side of bank statement and made additions even rs.100/- the case is now placed before CIT(A) and we have to submit written submission but does not find proper case studies for citation.
19 March 2015
sir i had gave letter and proper documentary evidence regarding it but he took credit side of bank statement and made additions even rs.100/- the case is now placed before CIT(A) and we have to submit written submission but does not find proper case studies for citation.
19 March 2015
if there is no citation then u must rely and stick to your facts and prove them if there is anything that he raises as querry think out before he finds a solution for same.
19 March 2015
If the assssee is really not wrong then Was he really kept cash at home instead if in bank Are the proofs u said r full proof or arranged See think from the point of view of a judge and decide . AO is also a learned.
20 March 2015
Keeping a cash in hand of INR4 lakh in home is really very BOLD situation. The assessee not only carried the risk of THEFT but also risk of proving the genuineness to Income Tax Department. I am NOT sure what stand you have taken on behalf of your assessee. But be CAREFUL, would be my advice. See, one can understand theatre owner, petrol bunk owner, race cource, milk seller etc to be cash rich to this extent. Bur a person, NOT MAINTAINING BOOKS OF ACCOUNTS, having 4 lakh cash...and that too, you want to justify.... better be careful.
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