2024 (5) TMI 764

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ment : Shri Kanv Bali, Sr. DR ORDER PER ANUBHAV SHARMA, JM: The assessee has come in appeal against the order dated 13.02.2019 passed by the Commissioner of Income Tax (Appeals)-1, Gurgaon (hereinafter referred as "learned First Appellate Authority" or in short "FAA"), in Appeal no. 330/17-18 for the assessment year 2012-13, arising out of the order dated 27.12.2017 u/s 143(3) read with s....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....1/- and profits of Rs. 1,96,470/- under the provisions of section 44 of the Income Tax Act. 2.1 The Assessing Officer asked the assessee to explain the sources of deposits amounting to Rs. 75,26,000/- in the two bank accounts. After considering the assessee's submission the Assessing Officer held that the assessee had failed to explain and justify these sources of deposits in the bank accou....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....nt, the amount of Rs. 44,00,000/- was established to be out of withdrawals of the previous month and this aspect was sustained by learned CIT(A). Learned CIT(A) also sustained the claim of the assessee that customer advance of Rs. 6,70,129/- were supported by the confirmations. However, the business receipts of Rs. 24,55,871/- were doubted by the learned CIT(A) by following relevant findings: ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....these expenses of Rs. 4.5 lacs and income declared of Rs. 1,96,470/- the balance of amount is held to be the unaccounted income of the appellant. This unaccounted income works to almost the same amount which was added by the Assessing Officer to the total income of the appellant." 3. Learned AR has primarily submitted that learned CIT(A) has accepted the business of the assessee and income aris....