2023 (4) TMI 269

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...., AM: This is the appeal preferred by the assessee against the order of the Ld. Commissioner of Income Tax (Appeals)-NFAC, Delhi (hereinafter referred to as the Ld. CIT(A)"] dated 22.09.2022 for the AY 2017-18. 2. The only issue raised by the assessee is against the confirmation of addition of Rs. 20,10,000/- by the Ld. CIT(A) which was made by the AO on account of cash deposits into various ban....

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....sued u/s 133(6) of the Act directing to furnished the account statements for the above period. The AO observed that the assessee has deposited Rs. 20,10,000/- in these accounts during the demonetization period i.e. from 9.11.2016 to 31.12.2016 the details whereof are given at page no. 1 and 2 of the assessment order and added the same to the income of the assessee u/s 69A of the Act. 4. The Ld. C....

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.... as under: During the year the assessee has made turnover of Rs. 73,01,166/- from the proprietary business and was also having income by way of interest and LPG subsidy of Rs. 18,934/-. These facts are not in dispute.The assessee calculated his income on presumptive basis u/s 44AD of the Act and offered net profit of Rs. 6,79,974/- from bsuiness. The assessee offered total income of Rs. 6,98,908/....