2023 (1) TMI 602

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....ORDER PER : T.R. SENTHIL KUMAR, JUDICIAL MEMBER:- This appeal is filed by the Assessee as against the order dated 16.03.2018 passed by the Ld. Commissioner of Income Tax (Appeals)-2, Rajkot, as against the assessment order passed under section 143(3) r.w.s. 147 of the Income Tax Act, 1961 (hereinafter referred to as 'the Act') relating to the Assessment Year (A.Y) 2009-10. 2. The brief fa....

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....However, the above explanation was not accepted by the assessing officer and therefore the entire cash deposited is treated as unexplained cash deposit and added to the income of the assessee. 3. Aggrieved against the same, the assessee filed an appeal before Ld. Commissioner of Income Tax(Appeals). The Ld. CIT(A) partly allowed the appeal namely the loans received from 13 persons which is belo....

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....as estimated the past reasonable savings of the assessee as only Rs. 5,00,000/- and disallowed the remaining Rs. 3,87,700/-. The Ld. CIT(A) also failed to consider that there was an opening cash balance of Rs. 7,20,000/- as on 01/04/2008 and assessee filed its Return of Income for A.Y. 2009- 10 showing an income of Rs. 5,46,971/-. The assessee being a Government Servant worked for 18 years, Ld. CI....

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....ings of the assessee and disallowed balance Rs. 3,87,000/-. While making such an estimation, the Ld. CIT(A) has not shown on what basis such the disallowance were being made. The assessee had shown an opening cash balance of Rs. 7,20,000/- as on 01/04/2008. Therefore the estimation made by the Assessing Officer is not supported with any valid material therefore the disallowance is not justified. S....