2025 (6) TMI 640

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....ojaSwaroop, CIT(DR) ORDER PER YOGESH KUMAR, U.S. JM: The present appeal is filed by the Assessee against the order of the Commissioner of Income Tax (Appeal)/National Faceless Appeal Centre ('Ld. CIT(A)'/NFAC for short) dated 12/04/2024 pertaining to the Assessment Year 2017-18. 2. Grounds taken in this appeal are as under: "1. That the order of learned Commissioner of Income ....

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....return of income declared total income of Rs. 7,85,890/-. The case of the Assessee was selected for limited scrutiny, an assessment order came to be passed u/s 143(3) of the Income Tax Act, 1961 ('Act' for short) on 22/12/2019 by making addition u/s 69A of the Act on account of excess credit in bank account of Rs. 2,62,73,508/- and another addition u/s 69A of the Act on account of cash dep....

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.... that the Assessee had withdrawn Rs. 1,00,26,500/- from his bank account and cash book has been examined by the A.O. The withdrawals and the deposits are duly recorded in the books of accounts, however, the Revenue authorities without bringing any material on record to show that the cash deposited in the bank account is not out of the cash withdrawn and without establishing the fact that such with....

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....tion with evidence regarding the source of such deposits. It is not in dispute that books of the Assessee are subject to tax audit, the Assessee has placed the Audit Report along with balance sheet at Page no. 222 to 232 of the Paper Book which has been produced before the A.O. The bank account of the Assessee is a regular bank account, wherein the Assessee has withdrawn Rs. 1,00,26,500/- which ca....