TaxTMI 
TaxTMI 
2025 (6) TMI 1044
X X X X Extracts X X X X
X X X X Extracts X X X X
....O had received information that the assessee had made cash deposit of Rs. 91,07,500/- and cash withdrawals of Rs. 1,62,37,866/- in the bank account maintained with ICICI Bank, during the financial year 2017-18 relevant to A.Y.2018-19. Therefore, the AO had initiated proceeding u/s 147 of the Act after recording proper reason. The assessee had filed return of income in response to notice u/s 148 of the Act showing Nil income. The assessee, however, did not comply in the course of assessment proceeding and the source of cash deposits and other credits in the bank account was not explained. In the course of assessment, the AO made enquiries from the bank and found that total cash deposit of Rs. 91,07,500/- and credit entries by cheque/RTGS of ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....erred in law and on facts in confirming the addition of Rs. 17,77,79,222/- made by the AO in respect of cash credit in the Bank considering the same as unexplained under section 68 of the Income Tax Act, 1961, such addition is requested to be deleted." 5. Shri Pritesh Shah, Ld. AR of the assessee submitted that the Ld. CIT(A) had dismissed the appeal of the assessee without examining the merits of the addition. He explained that no compliance could be made by the assessee before the Ld. CIT(A) and for this reason the appeal was dismissed. He, therefore, requested that the assessee may be allowed another opportunity to explain the deposits in the bank account and the matter may be set aside to the file of the Assessing Officer. He further ....