TaxTMI 
TaxTMI 
2016 (8) TMI 407
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....ear as unexplained cash deposits. 2. Only issue raised in the ground No.1 is regarding confirmation of additions of Rs. 16,68,300/- and Rs. 1,98,820/- being on account of cash and credit deposits into the Punjab and Maharashtra Bank account No.1101/3362 by the assessee during the year. 3. The brief facts of the case are that the assessee filed his return of income for the assessment year 2009-10 on 31.03.2010 declaring total income of Rs. 1,76,934/-. The case of the assessee was selected for scrutiny and statutory notices u/s 143(2) of the Act dated 16.9.2010 and 142(1) dated 15.9.2011 were issued and duly served upon the assessee. The AO allowed several opportunities to the assessee to appear before him with documentary evidence but ....
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....posited self assessment tax of Rs. 2,990/-, the source of which was not explained by the assessee and consequently, the same was also added to the total income of the assessee. Being aggrieved by the order of the AO, the assessee preferred an appeal before the First Appellate Authority challenging the findings given by the AO in the assessment order saying that the findings of the AO were factually incorrect as the account of the assessee with ICICI Bank stood disclosed in the return of income filed with the department. The detailed reply of the assessee has been incorporated in para 2.5 of the appellate order. Finally the ld. CIT(A) dismissed the appeal of the assessee by observing and holding as under: "2.6 I have carefully considered ....
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.... AO is hereby sustained. The ground of appeal is dismissed." 5. The ld. AR vehemently submitted before us that the ld. CIT(A) has grossly ignored the submission as made by the assessee before the CIT(A) and recorded findings which were factually incorrect and wrong and dismissed the appeal of the assessee without passing any speaking order. The FAA has not given any finding on the submissions that the saving bank account maintained with the ICICI bank on the basis of which the addition of Rs. 18,67,120/- was made was fully disclosed in the return of income filed by the assessee. The ld.AR further submitted that the assessee was engaged in the business of cutting the garments into various sizes as per the requirement of the party and stit....
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....e rival contentions and perused the material placed before us including the orders of authorities below and bank statements submitted by the ld.AR. From the close examination of the bank statement submitted by the assessee, we find that the assessee has regularly deposited the amounts into these two bank account and simultaneously making withdrawals on regular basis. In view of the submissions of the ld.AR and bank statements of the assessee, we find that the assessee is a small entrepreneur who deposited the cash and cheques into his bank account and also made withdrawals regularly for the purpose of business. We further find from the records that the AO made assessment u/s 144 of the Act also and assessee could not appear before the AO to....