2018 (10) TMI 2012

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....mar, Sr. D.R ORDER PER C.M.GARG, JUDICIAL MEMBER:  This appeal has been filed by the Assessee against the order of Commissioner of Income Tax (Appeals)-V, Surat ('CIT(A)' for short) dated 18.02.2014 for the Assessment Year (A.Y) 2008-09. 2. The grounds raised by the Assessee read as follows: 1. On the facts and in circumstances of the case as well as law on the subject, t....

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....nexplained cash deposits in bank by sustaining the addition to the extent of Rs. 14,68,604/- as against Rs. 15,87,330/- made by assessing officer. He further submitted that the above addition made by assessing officer and confirmed by the Commissioner of Income-tax (Appeals) may please be deleted. Alternatively, the ld. AR submitted that entire amount of deposit cannot be treated as income of the ....

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....ls in support of his contention as to why such huge addition should not be made as sufficient time was not provided to assessee. Therefore, the AO was right in making addition u/s. 69A of the Income Tax Act, 1961 (in short 'the Act') and the same was rightly upheld by the ld. CIT(A). However, in all fairness, he did not controvert the alternate prayer of the assessee and submitted that if ....

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....the amounts of withdrawal during the year. In the present case, assessee is a LIC Agent, who is claiming that he received cash amounts as premium from his clients and he deposited the same to the bank account and further made payment to LIC on the instructions of his clients. From the copy of bank account available at assessee's paper book pages 29 to 33, it is also clear that the assessee is depo....