2022 (10) TMI 20

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....erred to as 'the Act') relating to the Assessment Year (A.Y) 2011-12. 2. The brief facts of the case is that the assessee is an individual and post retirement from a private business as cloth merchant, used to work as an estate broker and other miscellaneous also. The assessee has not filed Return of Income u/s 139 of the Act. On verification of Actionable Information Monitoring System (AIMS) and Non Filer Monitoring System (NMS), there is an information that the assessee has deposited cash amounting to Rs. 74,55,000/- in his saving bank account maintained with Nutan Nagrik Sahkari Bank Ltd. Therefore, notice u/s 148 was issued, the assessee has not filed any return in response to the 148 notice. After repeated notices, the assessee appe....

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....ing Grounds of Appeal: 1.1 The order passed u/s.250 on 25.11.2019 for A.Y.2011-L2 by CIT(A)-5, Abad upholding the addition of Rs.10 lakh as unexplained cash deposits in bank account is wholly illegal, unlawful and against the principles of natural justice. 1.2 The Ld. CIT(A) has grievously erred in law and/or on facts in not considering fully and properly the submissions made and evidence produced by the appellant with regard to the impugned addition. The Ld.CIT(a) has passed a non speaking order in a cursory manner so that it is liable to be quashed. 2.1 The Ld.CIT(A) has grievously erred in law and on facts in confirming addition of Rs.10 lakh as undisclosed investment u/s 69 of the Act. 2.2 That in the....

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....00 4,50,000 05/05/2010 3,00,000   7,50,000 05/05/2010 - 400,000 3,50,000 3.2. As stated by the Assessing Officer the cash withdrawn were not old ones. The A.O. mentioned the dates and the figures. If the A.O. has rightly considered the figures, there would have been a positive cash balance as on 05/05/2010, a Negative Cash balance of Rs. 10,00,000/- as determined by the A.O. is not correct. Thus, the chart prepared by the Assessing Officer is half-truth and conveniently ignored the earlier entries to justify the negative cash balance. The table stated above reveals the link between the withdrawals and the deposits of cash in bank. In view of the above explanation, the addition of Rs. 10,00,000/- made as pe....