2018 (5) TMI 1484

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.... 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 explained that the charge was held as additional ch....

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.... 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. IDBI Bank Ltd 56,55,759 40,84,500 2. Axis Bank Ltd., Nellore 19,73....

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....e 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 reasonable basis. It is the claim of the appellant that all receipts pertain to his business in transportation and all receipts are i....

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....essee 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 present appeal is heard ex-parte-respondent. 6. After considering the submissions of the DR, we find no reason to interfere with the order of the Ld.CIT(A)....