2019 (5) TMI 1863

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....st the order of the ld. CIT(A)-I, Jaipur dated 04/12/2017 for the A.Y. 2014-15 in the matter of order passed U/s 143(3) of the Income Tax Act, 1961 (in short the Act). 2. In this appeal, the assessee is aggrieved for addition of Rs. 36,78,540/- U/s 69A of the Act by treating the cash deposit as unexplained. 3. Rival contentions have been heard and record perused. Facts in brief are that the asse....

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.... deposited Rs. 17,75,300/- with Bombay Mercantile Cooperative Bank Ltd. The AO vide show cause letter dated 20.12.2016 which is reproduced at page 5-6 of the assessment order asked assessee to provide reasons and justify the amount of Rs. 17,75,300/- and Rs. 19,00,000/- deposited in co-operative bank and received from debtors respectively. The assessee submitted the reply vide letter dated 21.12.2....

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....e found that the assessee has only two sources of income. One is the remuneration, interest, share of profit, and rent from partnership firm, M/s Modern Fashion Textile & Tailoring Co. in which he is a partner and second is business income from his proprietory concern, M/s Modern Tailoring Company. In respect of his proprietory concern, the assessee has declared income u/s 44AD since the turnover ....