2023 (10) TMI 1029

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.... is filed by the assessee against the order of Commissioner of Income Tax (Appeal) [CIT(A)], National Faceless Appeal Centre (NFAC), Delhi vide DIN & Order No. ITBA/NFAC/S/250/2023- 24/1053170768(1) dated 25.05.2023 arising out of the assessment order passed u/s 143(3) r.w.s.147 of the Income Tax Act, 1961 (in short "Act") dated 11.12.2017 for the Assessment Year (A.Y.) 2013-14. 2. Brief facts of....

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....ered Rs. 32,12,000-Rs. 2,30,628/- = Rs. 29,81,672/- as unexplained cash credit u/s 68 of the Act, received as 'on-money' on sale of plot and passed order u/s 143(3) r.w.s.147 computing total taxable income at Rs. 31,77,949/- on 11.12.2017. 3. On being aggrieved with the order of the AO, the assessee preferred an appeal before the CIT(A) and the Ld.CIT(A) dismissed the appeal of the assessee. 4. ....

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....ought to have been deleted. 4. The learned Commissioner of Income Tax(A) ought not to have confirmed the addition made only on the basis of suspicion and surmises. 5. Without prejudice to the above grounds, alternatively, the addition should have been confined only to the profit element as the deposits in the bank account could at best be taken as only receipts from aquaculture after giving ....

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....sed the appeal of the assessee. He, therefore, pleaded to uphold the order passed by the Ld.CIT(A) and dismiss the appeal of the assessee. 7. I have heard Ld.DR and perused the material available on record. In the instant case, on the basis of information received, the AO noted that there was cash deposit of Rs. 32,12,000/- in assessee's bank account. The assessee explained before the AO that he ....