2017 (7) TMI 205

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....appeal is filed by the assessee against the order of ld. Commissioner of Income tax (Appeals)-22 New Delhi holding concurrent over the CIT(A) -2, Indore charge [hereinafter referred to as the CIT (A)] dated 24.09.2014. This appeal pertains to Assessment Year 2008-09 as against appeal decided in respect of assessment order dated 21.03.2013 passed u/s. 143(3)/147 of Income Tax Act, 1961(herein after....

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....reakup given by the assessee as own fund of Rs. 7,93,097/- Rs. 1,37,750/- of LIC loan, Rs. 59,625/- being O D a/c, Rs. 9,76,640/- being loan from Ashok Brothers and Rs. 17/- SB interest explained the deposits other than cash. However, with regard to cash deposit of Rs. 16,34,750/- the Ld. CIT (A) confirmed the addition of Rs. 5,63,981/- after allowing benefit of rotation of fund to the extent of R....

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....during the course of appellate proceedings, which were allowed to be admitted by the ld. CIT (A). We find that all entries of cash deposit are duly rotated through cashbook and it is duly reflected. However, it appears that the Ld. CIT (A) has not seems to have consider and examined the details as claimed in cashbook. Therefore, the Ld. CIT (A) is not justified in allowing credit of Rs. 10 Lakh on....