2024 (10) TMI 536

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....referred to as "the Act" for short], for the Assessment Year (AY) 2017-18. 2. The grounds raised by the assessee are as follows:- "1. The Ld Commissioner of Income Tax (Appeals) has erred on facts and in law in summarily dismissing the appeal of the appellant without following the principle of natural justice and passed the ex parte order. 2. The Ld Commissioner of Income Tax (Appeals) has erred on facts and in law in confirming the addition made u/s 69A of the Act to the tune of Rs. 48,66,000/- being cash deposit made in the business current account No. 903002201003984 during the demonetisation period and deposit of Rs. 80,000/- in Department of Post. (Rs. 48,66,000 plus Rs. 80,000 equal to 49,46,000/-) Both recorded in the audited bo....

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....on to the principles of natural justice. He pointed out that, during the course of appellate proceedings, the assessee had participated seeking adjournments on several occasions which was also granted by the ld. CIT(A), and it was only on the last occasion when none appeared on behalf of the assessee that the ld. CIT(A) went forward and decided the appeal against the assessee. He contended that the ld. CIT(A) reiterated the order of the Assessing Officer without going into the facts of the case and the material before him which was placed before the Assessing Officer during assessment proceedings by the assessee itself. He pointed out that the Assessing Officer had made addition of the cash found deposited in the bank account of the assesse....

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....g Officer which form part of the audited accounts clearly revealed that all cash deposits in the bank account were attributable to the business of the assessee and utilized for the same purpose alone by the assessee. That, there was no question of treating the cash so deposited as unexplained and adding the same to the income of the assessee. He contended that the assessee is in possession of all confirmation and evidences of the source of cash deposits and is willing to now place them before the Revenue Authorities for verification. He pleaded that, therefore, the mater may be restored back to the Assessing Officer for verifying the contention of the assessee. 5. Ld. DR, however, supported the order of the ld. CIT(A). 6. We have heard th....