BALLABH DAS MALL,KOLKATA vs. ITO, WARD-58(2), KOLKATA

order

: May 22nd, 2024 ORDER

Per Manish Borad, Accountant Member:

I.T.A. No.: 353/KOL/2024 Assessment Year: 2011-12 Ballabh Das Mall. 6. We have heard rival contentions and perused the records placed before us. We fail to find any substance in the legal grounds raised by the assessee for the reason that assessee is not filing any return of income. The assessee is not logging to his e-mail ID even though the assessee has carried out various transactions through his ICICI bank account, but he failed to furnish any return. Valid notices u/s 148 & 143(2) of the Act have been issued and served upon the assessee. Under these given facts, there remains no force in the legal grounds raised by the assessee and the same is hereby dismissed.

7. As far as merits of the case are concerned, we note that the ld. AO had made an addition of Rs. 17,32,090/- for the unexplained credits in the bank account held by the assessee with ICICI Bank Ltd., Bandra Kurla Complex Branch, Mumbai. With the assistance of ld. Counsel for the assessee we have taken note of the bank account of which quarterly statements have been placed before us. It is stated that the assessee while staying with his son at Mumbai for some period, carried out certain transactions of purchase-sale of shares and ultimately incurred losses and source of the funds utilised for such transactions were from loans taken from relatives. Taking into consideration these contentions, also going through the bank statements where regular transactions have been made on almost day to day basis through BSE/NSE, cash deposits and cash withdrawals and also taking note of the fact that the AO has made the addition of Rs. 17,32,090/- but there is not detail available in the assessment order as to how this amount has been arrived and whether the I.T.A. No.: 353/KOL/2024 Assessment Year: 2011-12 Ballabh Das Mall. alleged amount is the income or only the total of transaction. Even the notice u/s 133(6) of the Act to ICICI Bank Ltd. was not replied. Under these given facts and circumstances of the case the only remedy left before us is to restore all the issues raised on merits to the file of the ld. AO for de-novo adjudication considering the bank statement and other details to filed by the assessee in support of the correct income/loss, if any, earned during the year and also to examine the source of funds utilised for carrying out such transactions by the assessee. Needless to mention that proper opportunity of being heard should be provided to the assessee. The assessee is also directed to remain vigilant and file necessary documents, if considered necessary, in support of its grounds of appeal and should not take adjournment, unless otherwise required for reasonable cause. In case after providing sufficient opportunity to the assessee, there is no compliance by the assessee, then ld. AO can decide in accordance with law.