2022 (2) TMI 77

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....his appeal by the assessee is directed against the order dated 03-09-2019 passed by the CIT(A)-2, Kolhapur, in relation to the assessment year 2011-12. 2. The first ground raised in this appeal is against the confirmation of addition of Rs. 8,50,000 representing cash deposit in bank account. 3. Tersely stated, the facts of the case are that the assessee deposited a sum of Rs. 8,50,000 in his....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....a 3.6 of the assessment order. Such amount of deposits totaled upto Rs. 44,31,076. The assessee contended that one of the cash deposits, viz., of Rs. 8,50,000 was out of `Business receipts". In support of such a claim, the assessee filed certain books of accounts. It is worth mentioning that the assessee filed his return of income by offering income u/s 44AD and contending that no books were maint....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

...., the AO made the addition, which came to be countenanced in the first appeal. 6. Having heard the rival submissions in Virtual Court and gone through the relevant material on record, it is seen that the assessee recorded credit of Rs. 19 lakhs in the name of his wife but failed to substantiate creditworthiness of loan creditor before the AO. What to talk of creditworthiness, even no source of ....