2018 (10) TMI 1382

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.... 2. As per the appellant, the following substantial question of law arises for consideration in the present appeal:- "Whether on the facts and in the circumstances of the case the Tribunal was right in law in upholding the addition of Rs. 26,68,525/- under Section 69A of the Income Tax Act, 1961, as confirmed by the CIT(A) in utter disregard of the fact that primarily all the business transactions of the Assessee were routed through regular Banking Channel vide his Saving Bank account in erstwhile Centurian Bank of Punjab." 3. The brief facts of the case are that for assessment year 2008-09, the assessee who is a proprietor of M/s United Traders filed Income Tax Return declaring income of Rs. 1,03,896/-. The department had inf....

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....h flow charts were not substantiated by any evidence. In order to explain the cash deposits made, the assessee explained the source as withdrawal of cash from accounts, advances received from the parties and unsecured loans of Rs. 1,40,000/-. Since, no evidence was produced in support of the claim of withdrawal from accounts and advances from the parties, the AO rejected the same. The assessee was able to substantiate unsecured loans of Rs. 1,40,000/- and the AO gave the credit of the said amount. Vide order dated 29.11.2010 the assessment was finalised by making following additions:- i) Addition of Rs. 26,68,525/- under Section 69A of the Act; ii) Addition of Rs. 7,21,958/- on account of difference in closing stock figure....