TaxTMI 
TaxTMI 
2024 (5) TMI 1131
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....ssessing Officer on account of being commission income earned by the assessee at the rate of Rs. 150 per Rs. 1,00,000/-, on credits other than cash credits. 2. The Ld. CIT(A); has erred in upholding the addition of Rs. 1,60,10,097/-made by the Ld. Assessing Officer, being cash credit as assessee could not explain source of cash deposit. 3. The Ld. CIT(A) has erred in upholding the addition of Rs. 2,20,82,091/-made by the Ld. Assessing Officer, being unexplained cash credit in the bank account of M/s Chaudhary and Co. 4. The Ld. CIT(A) has erred in upholding the addition of Rs. 7,68,321/- made by the Ld. Assessing Officer on account of being commission income earned by the assessee from transactions on account of M....
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.... Account No. Total entries Cash deposited Punjab Foods 1539002100052152 in PNB 582902757 2088112 Prakash Food 1539002100050233n in PNB 813116375 9472985 Jai Bharat Food 066010200045650 in Axis Bank 528477672 4354000 Shiva Stores 43101000012050 in Axis Bank 251927682 95000 Total 2176424486 16010097 5. The assessee did not submit the details regarding source of cash credit nor submitted any satisfactory explanation regarding the cash credit of Rs. 1,60,10,097/-. The Assessing Officer has noted that there is a total cash deposit of Rs. 1,60,10,097/- in all the four accounts for which the assessee could not explain the source and hence it remained unexplained. Since the....
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....t known as to whether the same cash which was withdrawn from one bank account has been deposited in other bank account/s or was handed over to some other party as part of his accommodation entry business. The assessee could not provide the names and addresses of the entities whose cash was apparently deposited in the bank accounts. If this cash deposited pertains to any other concern other than the assessee then their names and addresses should have been made available to the Assessing Officer or subsequently during the appellate proceedings. The assessee at any stage could not provide the source of these cash deposits in his bank accounts. Since the very source of such cash which was deposited in the bank accounts is not known, it would be....
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....otal Total Debit 09352320000547 with HDFC Bank 22082091 534295846 534271324 12. An amount of Rs. 2,20,82,091/- was deposited in cash in the above bank account of M/s. Chaudhary & Co. The same was treated as unexplained cash credit and addition of the same was made in the hands of the assessee on substantive basis and in the name of his wife Smt. Saroj Bhatia on protective basis. The ld. CIT(A) held that, there is apparently no justification for withdrawing from one account and deposition in other bank account. The ld. CIT(A) held that, it is also not known as to whether the same cash which was withdrawn from one bank account has been deposited in other bank account or was handed over to some other party as part of accommod....