2025 (6) TMI 957

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....referred to as "Act"] for the Assessment Year [A.Y.] 2017-18, wherein ld. CIT(A) has confirmed the addition made by the Assessing Officer and dismissed assessee's appeal. 2. Brief facts state that the assessee is a salaried employee who filed return of income for A.Y. 2017-18 declaring total income of Rs. 5,92,450/- from salary. Case was selected for limited scrutiny for examination and verification of salary income and cash deposited during the demonetization period. Statutory notices u/s. 143(2) and 142(1) of the Act were issued and served upon the assessee. However, in compliance to show cause notice dated 04.11.2019 issued u/s. 144 of the Act, the assessee submitted that he received housing loan of Rs. 28,32,500/- from Dewan Housing Fi....

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.... of the Act as undisclosed and unexplained cash and Rs. 2675/- as undisclosed salary income. 4. Assessee could not succeed in first appeal where ld. CIT(Appeals) confirmed the aforesaid additions and dismissed assessee's first appeal. 5. Assessee is in appeal before this Tribunal on the ground that the revenue authorities were unjust in considering the deposit of Rs. 8,39,500/- as undisclosed income. 6. None responded for the assessee. Perused the records and heard learned departmental representative for Revenue. 7. Learned Representative for the Revenue has submitted that the assessee has taken two contrary defenses before the Assessing Officer and failed to substantiate the nature and source of said deposits during post demonetization....