TaxTMI 
TaxTMI 
2024 (3) TMI 544
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....e Income Tax Act, 1961 (in short 'the Act'), dated 11.10.2019. 2. The grounds of appeal raised by assessee are as follows: "1) That on the facts and in the circumstances of the case as well as in law, the appeal order passed by ld. CIT(A) dismissing the appeal of the appellant is wrong, unjustified, invalid and bad in law. 2) That on the facts and circumstances of the case as well as in law, the ld. CIT(A) has erred in sustaining the additions of Rs. 83,39,350/- made by the A.O u/s. 69A & 69 of the I.T. Act, 1961 (the Act) by wrongly assuming the whole of the turnover of appellant deposited in the bank accounts in the form of cash (Rs. 70,95,115/-) and cheques (Rs. 12,44,235/-) as unexplained money / investments u/s. 69....
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....inserted on 15/12/2016 and made effective prospectively from 01/04/2017, whereas neither the income from turnover nor interest on FD are taxable as per provisions of S. 115BBE of the Act nor the enhanced rate by above amendment law is applicable to these incomes. This ground is without prejudice to main grounds hereinabove that the additions made and sustained are wrong and unjustified and are liable to be deleted. 6) Without prejudice to above grounds of appeal, that the ld. CIT(A) has erred in law in not directing to ld. AO to give credit of TDS deducted on the interest on FD of Rs. 2,99,988/- added as income of appellant. 7) That on the facts and in the circumstances of the case as well as in law, the ld. CIT(A) has err....
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....ee. Hence, such amounts are liable to tax u/s. e 69A of the Income Tax Act, 1961. The Assessing Officer noted that all conditions of section 69A are satisfied in the instant case. Thus, Assessing Officer noted that in the assessee`s case, the cash deposited in the bank accounts have not been shown as recorded or explained in the books of account of the assessee and the assessee has failed to satisfactorily explain the source of cash deposits. Therefore, Assessing Officer made addition of Rs. 70,95,115/- u/s. 69A of the Act. The Assessing Officer also held that such income assessed u/s. 69A of the Act should be taxed u/s. 115BBE of the Act at the rate of 60%. 6. Aggrieved by the order of Assessing Officer the assessee carried the matter i....
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....mined. It is noted that the appellant as submitted few bills and invoices relating to his business and cash deposit/withdrawals details of bank, which reveal that the appellant has carried out the business during the year. The appellant has filed the copy of assessment order for the AY 2012-13 u/s. 143(3) r.ws. 147 dated 18.12.2018 wherein the AO has accepted the cash deposited in bank accounts of M/s R.G. International as turnover and profit has been estimated at the rate of 3.5% of such turnover. Considering the facts of the case and history of the appellant's case, the unexplained cash deposits amounting to Rs. 93,54,000/- are taken as turnover and profit at the rate of 3.5% is estimate on such turnover i.e. Rs. 3,27,390/-(3.5% of Rs. 93....
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.... assessee under consideration is running the same business, as he was running in the assessment year 2013-14, there is no change in the facts of the assessee`s case. Hence, we do not find merit in the arguments of ld DR for the Revenue to the effect that assessee`s facts are different in assessment year 2017-18. We note that assessee is doing the same business hence Rs. 70,95,115/- is part of turnover. 11. However, ld CIT(A) in assessment year 2013-14, held that considering the facts of the case and history of the appellant's case, the unexplained cash deposits amounting to Rs. 93,54,000/- are taken as turnover and profit at the rate of 3.5% is estimate on such turnover i.e. Rs. 3,27,390/- (3.5% of Rs. 93,54,000). Thus, we note that the ....