TaxTMI 
TaxTMI 
2022 (9) TMI 69
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..../-. 2. Because the Learned 'CIT (Appeal)' erred on facts and in law in making an Because both by the assessing officer and by the Learned "CIT (Appeal)" failed to appreciate the full facts and the circumstances of the case while completing the assessment on Rs. 32,49,960/- against the returned income of Rs. 2,15,330/-. 3. Because both by the assessing officer and by the Learned "CIT (Appeal)" erred on facts and in law in making an addition of Rs. 30,34,627/- unexplained accounts credits in bank accounts. 4. Because no proper reasons has been forwarded both by the assessing officer and by the learned CIT (Appeal) IInd, Lucknow. In making and confirming and has relied on wrong facts and based on more presump....
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....of the gross receipts as income of the assessee. The ld. AR in this respect submitted that all the records were available with the ld. CIT(A) and who could have passed the order on merits keeping in view the fact that assessee had not only deposited the cash in the said bank account but had withdrawn also a substantial amount in cash and had also made payments for purchase of Khoya and another articles and in this respect filed a detailed copy of statement of such bank account and also filed a list showing withdrawals in the form of cash as well as payments made to parties for making purchases. The ld. AR submitted that since the authorities below had accepted that assessee was dealing in Khoya was also earning income from bakery and had ac....
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....payments to various person such as Rakesh Singh, Abhay Tiwari, Devendra Singh, Atul Shukla, Jyoti and Savita etc. The pattern of transactions in the bank account clearly suggest that assessee had both made deposits and withdrawals in cash as well as made payments through cheques to other persons. The pattern suggest that the assessee was using this bank account for making deposits of turnover and for utilizing such amount of turnover for making payments to various persons and for incurring various expenses to run his business. Therefore, the entire deposits cannot be added back to the income of the assessee and only profit element needs to be added back to the returned income of the assessee specifically in view of the fact that the authori....