TaxTMI 
TaxTMI 
2014 (4) TMI 699
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....cts and circumstances, the Ld. CIT erred in setting aside to the file of respondent AO for re-looking in detail the issue of cash deposit in bank which found to have or looked/omitted in assessment proceedings u/s.143 of the IT Act. 2. Rival contentions have been heard and record perused. Facts in brief are that the assessee is an individual and is engaged in the business of preparation of household masala items and filed her return of income declaring total income of Rs.1,53,590/- along with balancesheet and other details. Thereafter the case of the assessee selected for scrutiny, wherein the AO accepted the income of the assessee as business income. Thereafter, on AIR information, it was noticed by the CIT that the assessee is engaged in....
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.... Chembur Nagrik Sahakari Bank, which was inadvertently omitted to be taken care in return of income as well as before the AO while assessment proceedings, but the income component in such deposits falls in the ambit of Sec.44AF.Therefore, Rs.14,85,500/- being cash withdrawal and paid to suppliers and corresponding balance with the above said bank was also increased by the same amount. She also stated that the AO might not have discussed it appropriately in the assessment order being satisfied with the explanation given in the said letter. Hence, the CIT found that the assessment order passed by the AO was erroneous and prejudicial to the interest of Revenue and set aside the same. Now, the assessee is appeal before us. 4. Learned AR submit....