2025 (6) TMI 1458

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....n the appeal by the assessee are as under: "1. The learned CIT(A) has erred in law and on facts in confirming the action of the AO in assessing the Appellant at Rs. 12,04,000/- and that too, by treating the aggregate of this amount, which was deposited in its banking account during specified period as unexplained cash credit under section 68 of the Act 2. The learned CIT(A) has erred in law and on facts in rejecting the ground taken by the Appellant, without even supplying the copy of the remand report he may have received from the AO in the appellate proceedings, clearly violating thus (i). the mandate of the law in its true letter and spirit; and (ii). the Constitutional of India. " 3. The solitary grievance of the assessee is agains....

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....ve explained the source as relating to cash received from its depositors/borrowers by way of repayment of loan installments. In support of this, the assessee had stated to have maintained regular books of accounts which were duly audited under the provisions of Gujarat State Co.Op. Act and had furnished the complete books of accounts including the cash book revealing the source of cash deposits as being the repayment by its depositors. Copies of receipts issued to all the borrowers from whom cash had been received was submitted as also copies of ledger accounts of all such depositors was submitted to the authorities below. These facts are recorded at para 7.4 of the CIT(A)'s order and also in the order of the AO. Now, despite this expla....

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....nformation about the details and particulars of person from whom the assessee had received cash as repayment of loan, without finding any infirmity in these evidences, the Revenue authorities could not have adopted the data analysis technique for rejecting the assessee's explanation. The course of action to be followed by the Revenue was to verify the details furnished by the assessee and if found to be incorrect or unreliable, then adopt any other method for arriving at any conclusion but without giving any plausible reason for rejecting assessee's specific explanation of the source of cash deposit supported with evidences, the adoption of data analysis for arriving at the conclusion that the assessee's explanation was not sati....