2014 (1) TMI 1358

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....3. Briefly the facts of the case are that there was a search and seizure operations on the premises of the company M/s BPR Infrastructure Pvt. Ltd., and its Directors on 17.9.2008 where the appellant is a working Director. Consequently, the cases of the company and its whole time Directors were notified to Central Circle-1, Hyderabad, but the case of the appellant who is only a working Director remained to be notified. 3.1 During the assessment proceedings, the AO noticed that the assessee had three bank accounts which are as under: i) SB account No. 867810110002627-Bank of India ii) SB Account No. 129510025020748- Andhra Bank, Attapur Branch. iii) SB Account No. 01/00019264-Andhra Bank, Nampally BrancH. 3.2 The AO noted that....

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....k, Nampally branch were unexplained cash deposits and added to the total income. Aggrieved, the assessee carried the matter in appeal before the CIT(A). 4. After considering the submissions of the assessee, the CIT(A) noted that neither in the assessment order nor in the letter field by smt B. Kalavathy, the details of the bank accounts of various parties whose income has been offered were furnished. It was only as a general statement it was mentioned that the cash deposits appearing in the name of smt Geetha Rani were made out of the cash on hand held by her. Further, the CIT(A) noted that no where the details of the bank accounts and what amounts were taken into account for the purpose of the assessment before the ACIT, Central Circle-....

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..../s 143(3) r.w.s. 153A of the IT Act, passed in the case of smt Baddam Kalavathy. On perusal of the assessment order and also the letter given by Smt. Baddam Kalavathy to the AO of the appellant, it was noticed that Sri B. Prakash Reddy, H/o Smt. B Kalavathy, stated that he received additional cash on account of additional works carried out by them which was not disclosed in their books of accounts and he would be offering additional profit on additional works carried out at 30% of the gross receipts on sale of flats which worked out to Rs.1,29,90,000/- for AY 2008-09 and Rs.15,35,000/- for AY 2009-10 in the hands of his wife as additional income and this income so offered was mostly received in cheques and deposited into the accounts of him....