2022 (4) TMI 857

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.... Tax Act, 1961 ["Act" in short] dated 28.03.2016, the Assessing Officer made addition on account of unexplained cash deposits of Rs..59,68,923/- as well as unexplained expenses to Rs..25,01,374/- as well as interest income of Rs..7,734/- for the assessment year 2013-14. Similarly, Assessing Officer has made addition towards unexplained cash deposits of Rs..1,08,35,000/- and undisclosed expenses of Rs..27,59,000/- as the assessee has not provided any sufficient evidence to substantiate her claims. 3. Against the above assessment order, the assessee preferred further appeal before the ld. CIT(A) with regard to the addition made under section 68 of the Act for both the assessment years. During the course of appellate proceedings, so far as ad....

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....3-14, the Assessing Officer has noted that the assessee has cash deposit of Rs..1,50,22,000/- in her saving bank account and the assessee was asked to explain the source on various occasions. However, the assessee has not offered any satisfactory explanation. On verification of previous year balance sheet as on 31.03.2012, the Assessing Officer noticed that the assessee had shown Rs..88,00,000/- as sundry debtors. On verification of balance sheet as on 31.03.2013, the sundry debtors has shown Rs..6,00,000/- by cash from the debtors. The assessee could not able to produce any evidences/substantiate the balance cash deposits of Rs..59,68,923/- [Rs..1,50,22,000 - 82,00,000 - 8,53,077 - 59,68,923] and accordingly, the Assessing Officer assessed....