TaxTMI 
TaxTMI 
2013 (7) TMI 800
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.... rate of 5% of the purchases and stock put for sale during the year. 3. At the time of hearing, despite service of notice, none appeared on behalf of the assessee-respondent and not even a petition for adjournment was received from the assessee. Hence, we have heard the learned Departmental Representative and proceed to dispose of the appeal ex parte qua the assessee on merits. 4. We have heard the learned Departmental Representative and perused the material on record in the light of the impugned order of the CIT (A). We find that the issue involved in the present appeal is squarely covered by the consistent view taken by the co-ordinate bench of this Tribunal in similar matters wherein the Tribunal has held that income of the assesse....
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....ral income of Rs.72,630/-. Assessee's case was selected for scrutiny assessment. In course of scrutiny assessment proceedings, the Assessing Officer on examining the assessee's bank account with ICICI Bank Ltd., Secunderabad Branch noticed cash deposits as well as other deposits made into the bank account. When the Assessing Officer asked the assessee to furnish the transaction-wise details of the deposits, the assessee submitted that out of the total cash deposit of Rs.21,34,500/- in his bank account, he had taken loan of Rs.10 lakhs from Sri P. Nageswara Rao for his personal purpose to help his aunt for her surgery. Due to unavoidable circumstances, the surgery was postponed and the same was deposited in the bank in the form of cash. The ....
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....000 The assessee has submitted that these amounts had been deposited out of the cash withdrawal of Rs.4,90,000 on 27-5- 2008 which had been withdrawn for hte medical treatment of the assesses aunt)./ The Assessing Officer has not accepted this explanation stating that the sum of Rs.4,90,000 had been used for repayment of loan to Sri P. Nageswara Rao. It is seen from the entries in the bank account and the assessee 's explanation that the repayment has taken place subsequently, i.e., on 27-8-2008 and on 11-9-2008. Before this, the assessee had made a self withdrawal; of Rs.4,91,500 on 31-5-2008. However, as per the assessee, this amount was eventually not utilised and was re-deposited on the dates mentioned above. The Assessing Officer ha....
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....rent year and the savings from the earlier years. The Assessing Officer did not accept this explanation since the assessee had not furnished any invoices/vouchers for the consultation fees, rental income and agricultural income so as to establish the nexus between the deposits and the income. The fact remains that the assessee had returned an income of Rs.2,61,250/- and agricultural income of Rs.72,630/- which has been accepted by the Assessing Officer in his order. These amounts, which reflect the net income of the assessee, would themselves be sufficient to explain the deposits of Rs.1,44,500/-. It would also be safe and logical to presume that the deposits were made out of the gross receipts of the assessee which naturally would be more ....
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....act that the assessee had shown income of Rs.2,61,250/- and agricultural income of Rs.72,630/- which has not been disputed by the Assessing Officer. Considering the totality of facts and the circumstances of the case, we do not find any infirmity in the order of the CIT (A) in deleting the additions made by the Assessing Officer as the assessee has satisfactorily explained the source of such deposits. In aforesaid view of the matter, we confirm the order of the CIT (A) and dismiss the grounds raised by the department. 6. In the result, the appeal filed by the department stands dismissed. ITA No. 241 of 2013 This appeal by the department is directed against the order dated 1-11-2012 of CIT (A)-VI, Hyderabad passed in appeal No.0484/....