2012 (9) TMI 581

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....ctober, 2011 on the ground that on the facts and in the circumstances of the case, the learned CIT(A) erred in deleting the addition of Rs.11,86,626/- made on account of unexplained cash credits u/s 68 of the Act as the assessee failed to prove the source of such deposits in his bank account whereas the assessee is in cross objection which is in support of the impugned order. 2. During hearing ....

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....e Bank of India, Bhopal. The assessee was asked to explain the source of such cash deposits which was claimed to be out of sale proceeds of retail business. Being unsatisfied with the explanation of the assessee, the impugned amounts were added to the income of the assessee u/s 68 of the Act. On appeal, the learned CIT(A) was satisfied with the explanation of the assessee and deleted the addition.....

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.... Assessing Officer has doubted the contention of the appellant stating that no documentary evidences have been filed. On perusal of this bank account, it is seen that the cash has been deposited at the interval of 3 to 4 days and the amount deposited also varied between Rs. 4,000/- to Rs. 22,000/-. It appears that the Assessing Officer has simply disbelieved the contention of the appellant in as m....

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....the turnover of the assessee is below Rs. 40 lacs, therefore, as per the provisions of section 44AF of the Act, the assessee is not expected to maintain books of accounts. The assessee disclosed income of Rs.76,235/- in his return. The impugned amounts were found to be deposited out of the sale proceeds of retail business where the total turnover/sales are to the tune of Rs.13,91,425/-. What docum....