2021 (2) TMI 413

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....ccount and for this reason the Assessing Officer (AO) had issued notice u/s 148 of the Income Tax Act, 1961 (hereinafter called 'the Act'). Since the assessee did not respond to the notice, the AO made addition of Rs. 59,97,000/- and completed the assessment u/s 147 of the Act. The Assessee preferred an appeal before the Ld. CIT (A) and submitted various documents and evidences before the Ld. CIT (A). The Ld. CIT (A) called for a remand report from the AO and based on such remand report, the Ld. CIT (A) came to the conclusion that out of the total deposits of cash amounting to Rs. 59,97,000/-, cash deposits of Rs. 14,50,000/- could not be explained by the assessee. Thus, the assessee got partial relief with the addition being restricted to ....

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....the impugned amount of Rs. 14,50,000/- relates to this advance which was deposited in Bank on different dates. It was submitted that this was explained before the Lower Authorities also but the same was not accepted. 4.0 Per contra, the Ld. Sr. Departmental Representative (DR) placed his reliance on the order of the Ld. CIT (A) and submitted that Ld. CIT (A) has given due relief to the assessee based on the factual matrix of the case and that this explanation of the assessee was not supported by the documentary evidences. 5.0 We have heard the rival submissions and have also perused the material on record. We have also gone through the findings of the Ld. CIT (A) and it is seen that the main issue in dispute is that the cash flow submitte....