2025 (6) TMI 887

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....eposited in the bank accounts by the assessee. 03. The facts in brief are that the assessee filed the return of income on 29.10.2017, declaring total income at Rs. 1,21,90,090/-, which was duly processed u/s 143(1) of the Act. The case of the assessee was selected for limited scrutiny to examine the cash deposit into the bank account during the year. Accordingly, the statutory notices along with questionnaire were issued and served upon the assessee. The assessee complied with the said notices by furnishing the documents and reply through email stating that cash deposited in the banks was disclosed under IDS-16 Scheme and due taxes were paid thereon. The ld. AO after taking into consideration the reply of the assessee and evidences furnish....

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.... appeal of the assessee after taking into consideration, contention and submission raised by the counsel of the assessee by holding that assessee has duly explained the cash deposited in the bank account by observing and holding as under:- "5.3.4 I agree with the contention of the appellant that since M/s Dadi Griha Nirman Pvt Ltd had given cash of Rs 80 lakh to its Director Subhas Kedia, the same has been recorded as such in its balance sheet, which has been filed before the Settlement Commission and accepted as well. The order u/s 245D(4) of the Act was passed by Settlement Commission after considering the manner in which the income was derived and also the manner in which the income earned has been retained by the appellant. The said i....

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....has received cash from the society which was utilized to deposit the bank accounts. In the case of the appellant also, the fact that cash declared by M/s Dadi Griha Nirman Pvt Ltd, which was lying with the appellant, has attained finality. Thus, I agree with the appellant that there is no reason of not treating the same being deposited by appellant in its bank as a source of deposit as that will result in double taxation of the same money. 5.3.6 Further, the AO has not commented on the explanation of the appellant with regard to the balance deposit of Rs. 7,36,000/-. The appellant had cash available with him as per its regular books of accounts and out of the same, the cash of Rs. 7,36,000/- was deposited. The same was explained to the ....