2018 (9) TMI 2091

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....as not pressed. The remaining sole ground raised by the Assessee reads as follows: "On the facts and circumstances of the case as well as law on the subject, the learned Commissioner of Income Tax (Appeals) has erred in confirming the action of the assessing officer in making addition of Rs. 18,37,895/- on account of alleged unexplained cash deposited in savings bank account." 3. We have heard the arguments of both sides and carefully perused the relevant material placed on the record of the Tribunal. The ld. AR submitted that the learned Commissioner of Income Tax (Appeals) has erred in confirming the action of the assessing officer in making addition of Rs. 18,37,895/- on account of alleged unexplained cash deposited in saving....

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....rival submissions, the ld. AO as well as the ld. CIT(A) has not disputed the fact that the assessee is in the Jari sale business and he is selling goods to the purchasers located in the south India and except amount deposited to his bank account no other transaction have been traced or brought on record. In this situation, we are in agreement with the contention of the ld. AR that this amount was received through bank account from the purchasers located in the South India and this amount is sale proceed of sale of Jari, which was used further for making payment to the suppliers of goods which was sold by the assessee in South India. Definitely assessee belongs to a category of trader which falls within the ambit of provision of s. 44AD of t....