2024 (2) TMI 1517

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....e appellant assessee has proposed the following question of law arising out of the order dated 24.05.2023 passed by the Income Tax Appellate Tribunal, Surat Bench (SMC), Surat (for short "the Tribunal") in ITA No.328/SRT/2022 for AY 2015-16. "[A] Whether the Learned Tribunal was right in law to sustain the addition of unexplained cash credit amounting to Rs. 22,00,000/- by invoking provision of income tax act, 1961 as unexplained income?" 3. The appellant-assessee is a Hindu Undivided Family (for short "HUF") filed return of income for A.Y.2015-16 on 29.03.2016 declaring total income of Rs. 3,21,069/-. 4. The Assessing Officer by the Assessment order under Section 143(3) of the Act after considering the cash deposit of Rs. 24....

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....ed. Further cash flow summary cannot be relied as the assessee has not furnished the source of cash and cheque deposits. Before me, the Id AR for the assessee except contending that the assessee has sufficient cash balance for making deposit in bank, has not explained the real source of cash and cheque deposits. I find that the assessing officer in his summary has clearly demonstrated the cheque deposits and immediate withdrawal or on deposits of money in cash immediately transferred by way of cheque, the assessee has failed to give any satisfactory reply against the finding of the assessing officer. I am in full agreement with the observation of the assessing officer that the assessee has only shown source of income from agriculture activi....