RAGHAV GAMBHIR,DELHI vs. DCIT CENTRAL CIRCLE-19, DELHI

ORDER The present appeal has been filed by assessee against the order of ld. CIT(A)-27, New Delhi dated 29.03.2022.

“1. On the facts and circumstances of the case, the order passed by the learned CIT(A) is bad both in the eye of law and on facts. 2. (i) On the facts and circumstances of the case, the learned CIT(A) has erred both on facts and in law in confirming the addition of Rs.20,63,000/- made by the AO on account of cash deposits in the bank account invoking the provisions of section 68 read with section 115BBE of the Act. (11) That the above said addition has been confirmed rejecting the detailed explanations and submissions along with the evidences brought on record explaining the source of cash deposits.

3. On the facts and circumstances of the case, the learned CIT(A) has erred both on facts and in law in Raghav Gambhir confirming the addition made by AO despite the fact that assessee is maintaining proper books of accounts which are audited as per law and nothing adverse in the books was pointed out by the AO during the course of assessment proceedings.

4. On the facts and circumstances of the case, the learned CIT(A) has erred both on facts and in law in confirming the addition despite the fact that the quantity purchased and sold is being completely tallied, the addition made by the AO cannot be sustained.

5. On the facts and circumstances of the case, the learned CIT(A) has erred both on facts and in law in confirming the addition ignoring the contention of the assessee that the assessment order passed by the AO and consequent assessment proceedings are illegal and bad in law in the absence of valid notice under section 143(2) issued to the assessee.

6. On the facts and circumstances of the case, the learned CIT(A) has erred both on facts and in law in confirming the addition as the AO has erred in charging the tax under section 115BBE of the Act at the rate of 60% with surcharge of 25% as against the applicable rate of 30%.