2024 (11) TMI 1095

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....os.1024, 1025 & 1027/Hyd/2024 2. The brief facts of the case are that the assessee is an individual and engaged in the business of trading in stationery items and general stores under the name and style of "Vasundhara Books Stationery & General Stores" and has not filed return of income for the A.Y 2011-12. The Assessing Officer, on receipt of information from the Investigation Wing, Unit-II Hyderabad that, the appellant had made huge cash deposits in the bank account and formed an opinion that, income had escaped assessment on tax. Accordingly, notices u/s 148 was issued and served upon the assessee. In response to the said notice, the appellant filed a return of income on 3/9/2018 declaring income of Rs. 3,62,500/-. Against the said re....

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.... is in appeal before the Tribunal. 5. The learned Counsel for the assessee took me through the statement of the Bank Account held by the appellant and submitted that the lower authorities have failed to give the benefit of the earlier withdrawals made by the assessee for the subsequent cash deposits. He further submitted that the lower authorities having accepted the income returned by the appellant, it is not open to the lower authorities to hold that the appellant had not carried on the business. Thus, he submitted that there was no case for making addition on account of cash deposits made in the Bank Account as unexplained money of his entire cash deposits, which are made out of the sale proceeds of the business of the appellant. 6....