2018 (5) TMI 1484

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....: None ORDER Per B. Ramakotaiah, A. M. This is an appeal by Revenue against the order of the Commissioner of Income Tax (Appeals)-Tirupati, dated 31-03-2017, treating the deposits made in the bank account as business turnover, whereas AO was of the opinion that these are unexplained income U/s. 68 of the Act. 2. Condonation: The appeal was filed with a delay of four days. It was explai....

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....All the grounds relate to two additions made by AO based on deposits in appellant's bank accounts. As per the Assessment Order appellant maintained 3 bank accounts and certain amounts were found to be deposited as under: S. No. Name of the Bank Total Deposits made in Bank during the F.Y. relevant to the A.Y. 2011-12 Cash deposits out of the total deposits made in each bank 1. IDB....

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....ord that the said bank account contain several debits and credits. Even the account where Rs. 40,84,500/- cash is deposited, thee were several withdrawals in cash regularly. No peak credit is worked out by AO. Further, when deposits other than cash are treated gross contractual receipts, there is no reason why deposits in cash also be taken as gross contractual receipts and income be estimated at ....

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....e noticed that assessment before the AO was completed U/s. 144 and the appeal by the CIT(A) was also determined ex-parte. We have no information whether assessee has preferred any appeal on the incomes confirmed by the CIT(A), as no notices could be served by the Revenue so far. In these circumstances, without prejudice to the rights of assessee, if at all any appeal is preferred and pending, the ....