TaxTMI 
TaxTMI 
2025 (5) TMI 1240
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.... KUMAR, U.S. JM: The present appeal is filed by the Assessee against the order of the CIT(A)/National Faceless Appeal Centre, ('NFAC' for short) dated 19/02/2024 for the Assessment Year 2017-18. 2. Brief facts of the case are that, the Department of Revenue found that the Assessee had deposited substantial cash in its bank account during the demonization period and has not filed Income Tax Retu....
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.... is brought to the notice of the Bench that as against the deletion of partial addition, the Department of Revenue has not preferred any Appeal. 3. The Ld. Counsel for the Assessee submitted that the Ld. CIT(A) failed to appreciate that the cash deposited in the bank accounts extent of Rs. 2,80,19,466/- were explained out of cash withdrawals from the Bank, therefore, addition made and sustained o....
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....nd perused the material available on record. The Ld. CIT(A) in Para 5.3.6 had observed that cash deposits were made out of cash withdrawals during the year. This may give a prima facie indication that the entire cash deposits remained explained by the Assessee. However, in Para 5.3.7 the Ld. CIT(A) categorically observes that the entire cash withdrawals and cash deposits made in the bank account r....