TaxTMI 
TaxTMI 
2022 (7) TMI 728
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.... pertaining to Assessment Year (A.Y) 2012-13. 2. The ground raised by the revenue reads as under: 1. On the facts and in the circumstances of the case and In law, the Ld, CIT(A) has erred in law and/or on facts In deleting the addition made on account of unexplained cash deposits of Rs.224,53,23,993/-. 2. On the facts and in the circumstances of the case and in law, the CIT(A) ought to have upheld the order of the A.O. 3. It is, therefore, prayed that the order of the CIT (A) be set aside and that of the A.O, be restored to the above extent. 2.1. As is evident from the above, the solitary issue in the present appeal relates to addition made to the income of the assessee on account of unexplained cash deposit....
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.... engaged in Shroff business and derives income from commission. The A.O. had information that there was cash deposit of Rs. 224.53,23,993/- during the year in 16 bank accounts of the assessee. Accordingly the assessee was asked to explain the same, in response to which submissions were filed by the assessee stating that being in the business of Shroff, the money deposited represented that collected from customers or on behalf of customers and the said cash deposit did not belong to the assessee. The A.O. did not find the explanation of the assessee satisfactory stating that no proof was filed by the assessee that it got only commission on cash deposit, nor any details of customers nor their confirmations owning these deposits were filed. Ac....
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.... the above order of the Hon'ble High Court of Gujarat, Ahmedabad, SLP has not been approved by the CBDT, New Delhi as informed by the A.O. vide letter dated 03.01.2017. Thus, the order of the Hon'ble High Court becomes final in this case. 9.1 Although the order of the Hon'ble High Court of Gujarat as reproduced above is regarding re-opening of the proceedings in appellant's case for A.Y. 2008-09, but the facts of the case & issue involved in all the assessment years is same. Along with the discussion over reopening of the proceedings, the Hon'ble High Court's order clearly contains findings that the appellant is engaged in the business of shroff and cheque discounting. Other finding is that all the transacti....
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....shown in the regular -books of accounts. There is nothing which can be said as undisclosed or unexplained. This finding has been given by the Hon'ble High Court of Gujarat while deciding writ petition filed by the appellant for A.Y. 2008-09. On the basis of these findings, the A.O. dropped the proceedings initiated u/s. 147 of the Act. Looking to these facts, the additions made by the A.O. are not found justified, as the A.O. himself has dropped re-assessment proceedings in which the transaction under consideration were part of the total transactions. The A.O. got detail of all the beneficiaries and necessary action will be initiated in those cases as per provisions of the Act. Keeping in view these facts, the additions made in the hand....