TaxTMI 
TaxTMI 
2025 (1) TMI 698
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....of cash deposit in ICICI Bank. 03. The facts in brief are that the assessee filed his return of income on 02.08.2016, by declaring total income at Rs. 2,92,240/-. The assessee engaged in the business of purchase and sale of vegetables and also acting as a commission agent on behalf of fruit suppliers/ growers. The case of the assessee was selected for limited scrutiny for verification of cash deposits into the bank account. Accordingly, the statutory notices were duly issued and served upon the assessee along with questionnaires. The assessee is a proprietor of Baba Lokenath Sahal Sabji Bhandar and total turnover disclosed by the assessee during the instant financial year were Rs. 32,00,500/- against the purchases of Rs. 15,52,770/-. Besid....
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....ee has also made some purchases and sales of fruits and vegetables on his own account which were also shown in the profit and loss account of the assessee. Thus, the assessee has made purchases and sales on his behalf and also procured goods from producers/suppliers as middleman on commission basis and sold/supplied the same to retailers/shopkeepers. During the year the assessee has shown the total purchase of Rs. 15,42,770/- with corresponding sales of Rs. 32,00,500/-. Besides the assessee has shown commission income from the Artiya Services to the tune of Rs. 6,92,500/-. The ld. AO has made the addition because the assessee has made cash deposits to the tune of Rs. 1,00,95,750/- during the year, whereas the sales were only to the tune of ....