2018 (5) TMI 2079

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.... Tiwari, Sr. DR. ORDER Per Suchitra Kamble, JM This appeal is filed by the assessee against the order dated 03/09/2014 passed by CIT(A)-XII, New Delhi for Assessment Year 2011-12. 2. The grounds of appeal are as under:- 1. The Learned Commissioner of Income Tax (Appeals) has erred both on facts and in law in upholding the decision of Learned Assessing Officer in making an addition u....

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....ken any business activity. During the course of assessment proceedings the Assessing Officer observed that huge amount has been credited in the bank accounts of the assessee. Vide order sheet dated 21/11/2013 the assessee was specifically asked to explain the source of these cash deposits in the accounts of the assessee. But instead of producing the explanation the assessee had merely produced ban....

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....ssessing Officer held that the assessee failed to explain the source of the cash credit in its books of accounts. I have no other option except to tax the same in accordance with the provisions of section 68 of the Income Tax Act. Therefore, a sum amount of Rs. 56,75,000/- was added to the total taxable income of the assessee company. 4. Being aggrieved by the assessment order, the assessee fil....