2025 (6) TMI 294

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....PARTHA SARATHI CHAUDHURY, JM The captioned appeal preferred by the assessee emanates from the order of the Ld.CIT(Appeals)/NFAC dated 30.12.2024 for the assessment year 2017-18 as per the following grounds of appeal: "1. On the facts and in the circumstances of the case, the Learned AO has erred on facts and in law in making addition of Rs. 1,50,000/- on account of Cash deposit in Bank....

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....rn of income for A.Y.2017-18 on 31.10.2017 declaring income of Rs. 4,69,680/-. Thereafter, the case of the assessee was selected for scrutiny assessment. 3. During the course of assessment proceedings, it was observed by the A.O that though the assessee had made cash deposits of Rs. 1,50,000/- in demonetized currency during demonetization period, but had failed to explain the source of the same....

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....of the assessee arising from the disclosed source of business. He further submitted that the assessee owns 8 acres of agricultural land and was deriving agricultural income therefrom and the same had been disclosed in the return of income of the assessee since F.Y.2013-14, the accumulation in savings are also from this source. Therefore, since the source of cash deposits are explained it cannot be....

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....doing business and deriving income from business, then with regard to such assessee this circular will not be applicable. Meaning thereby, the aforesaid circular will only apply to persons having income other than business income. 8. I have carefully considered these parameters and at the same time, it is observed that the department has neither disputed the business activities of the assessee ....