2022 (11) TMI 819

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....om certain business activities. For the assessment year under dispute, assessee filed his return of income on 27.09.2006 declaring income of Rs. 1,73,290/-. In course of scrutiny assessment proceedings, the Assessing Officer noticed that as per information available on record, in the year under consideration, the assessee had deposited cash aggregating to Rs. 17,93,050/- in three different bank accounts as detailed in paragraph 3 of the assessment order. Noticing this, the Assessing Officer called upon the assessee to explain the source of cash deposits made in the bank account. Alleging that the assessee could not explain the source of cash deposits, the Assessing Officer added the entire amount of Rs. 17,93,050/- to the income of the asse....

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....ce of cash deposits. It was submitted by the assessee that he had received advance of Rs. 15 ,00,000/- in three tranches of Rs. 5,00,000/- each from M/s. Sheela Credit & Leasing Ltd. for sale of property bearing Shop No. 36, DDA Market, Ashok Vihar, Delhi 110 052. However, the aforesaid claim of the assessee was rejected on the ground that the assessee neither could establish the fact that he is the owner of the property nor the fact that the advance received from the concerned party was repaid on cancellation of the deal. It is observed, while deciding this particular appeal earlier, the Tribunal has sustained the addition confirmed by learned Commissioner (Appeals) in order dated 23.06.2017. The Bench observed that the assessee failed to ....