SNEHA SHAW,KOLKATA vs. ITO, WARD-33(5), KOLKATA, KOLKATA

The short dispute involved in this appeal is relating to the addition made by the Assessing Officer and further confirmed by the CIT(A) of Rs. 1,95,75,000/- on account of unexplained credits in the bank account of the assessee.

The Assessing Officer observed that the account of the assessee was found credited of Rs.19575000/- out of which a sum of Assessment year: 2017-18 Sneha Shaw Rs.1,57,90,000/- was credited by way of transfer of amount from other accounts and Rs.37,85,000/- by cash. However, the assessee could not furnish the requisite details and explanations regarding the source of the aforesaid credits in his bank account. He, therefore, made the impugned additions which has been further confirmed by the CIT(A).

At the outset, the ld. Counsel for the assessee has submitted that the assessee could not comply with the notice and furnish the required details before the Assessing Officer as the jurisdiction of the Assessing Officer was abruptly changed without notice to the assessee and even without any order passed to this effect by the competent authority. The ld. Counsel has further submitted that though the assessee furnished the requisite details before the CIT(A) and submitted that the aforesaid credits were out of the sale proceeds relating to the business of the assessee, however, the ld. CIT(A) failed to consider the above submissions. 4.1 The ld. Counsel for the assessee has further submitted that the assessee is a trader in readymade garments. That the assessee during the year has made purchase of readymade garments and sold the readymade garments. That the deposits in the bank account of the assessee were out of the sale proceeds. The ld. Counsel has submitted that the aforesaid contentions of the assessee have not been examined by the lower authorities. He has, therefore, submitted that the assessee may be given an opportunity to present her case before the Assessing Officer and to furnish the requisite details regarding the source of the deposits in the bank account of the assessee.

The ld. DR has not objected to the same.