2022 (11) TMI 369

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....er section 144 of the Income Tax Act, 1961 (hereinafter referred to as "the Act"), dated 21.11.2016. 2. Grounds of appeal raised by the assessee are as follows: "1. The Ld CIT(A) was not just and proper on the facts of the case and in law in confirming the addition of Rs.8,75,000/- being deposit in Bank." 3. Succinct facts are that during the course of assessment proceedings, the Assessing Officer wrote letter under section 133(6) of the Act, to the Varachha Co-operative Bank to furnish bank statements in respect of bank accounts held by the assessee in the said bank. Going through the bank account statement of account held by the assessee in Varachha Co-op Bank Account No. 100070063627, it was observed by Assessing Officer t....

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....perative and recalcitrant approach towards the assessment proceedings of the appellant, the assessment proceedings has been completed u/s. 144 of the I.T. Act & AO made addition of entire cash deposits of Rs.11,54,350/- during the year consideration. The additional evidences produced by the appellant are admitted for the reason given in his submission for non-production of the same before the AO. I found the reason given by the appellant as reasonable, hence additional evidences are admitted. Regarding the cash deposit in bank a/c, the appellant submitted that it is shown in cash book of R.4 Lakh has been shown as gift from father and rest are shown as business receipts. The appellant deposited Rs.8,75,000/- on 14.03.2014 is in single entry....

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....th the parties and carefully gone through the submissions put forth on behalf of the assessee along with the documents furnished and the case laws relied upon, and perused the facts of the case including the findings of the ld. CIT(A) and other material brought on record. We note that before us assessee has submitted the explanation with respect to Rs.11,54,350/- cash deposited in the bank account and the said explanation is placed at paper book page no.1 which is reproduced below: 8. We note that assessee has submitted the cash deposit summary before the lower authorities. The proof of amount received from his father as a gift to the tune of Rs.4,00,000/- is placed at paper book page nos. 30 to 36. The assessee has business receipts fro....