2025 (6) TMI 1922

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....d 21.12.2023 passed under Section 250 of the Income Tax Act, 1961 (hereinafter referred to as the "Act") and relates to Assessment Year (A.Y.) 2017-18. 2. The grounds raised by the assessee are as under: "1. The Ld. CIT(A) has erred in law and on facts in confirming the addition of Rs 53,27,000/- on account of cash deposited in bank account u/s. 69A of the Act. Both the lower authorities have farther erred in upholding the above cash sales of Rs. 53,27,000/- as alleged cash deposits us. 69A of the Act. 2. Both the lower authorities have failed to appreciate that bank statements are not books of account and addition cannot be made on the basis of bank statement. Moreover, S. 69A of the Act can only be invoked when books of account are m....

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.... quashed. 8. The Ld. CITIA) has erred in law and on facts of the case in confirming action of the Ld. AO in charging interest us. 234A/B/C/D of the Act. 9. The Ld. CIT(A) has erred in law and on facts of the case in confirming action of the Ld. AO in levying penalty u/s. 271AAC of the Act. 10. The Ld. CIT(A) has erred in not considering various facts and in not appreciating the facts and law in their proper perspective. 11 The Appellant craves leave to add, amend, alter, edit, delete, modify, or change all or any of the grounds of appeal at the time of or before the hearing of the appeal." 3. The solitary issue in the present appeal relates to addition made to the income of the assesse on account of cash found deposited in the bank....

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.... of law that no books of accounts are required to be maintained by assesses filing returns u/s 44AD of the Act. The income returned u/s 44AD of the Act being accepted by the AO it follows therefore that the AO had accepted the turnover on which profits were so returned. Further, as pointed out by the Ld. Counsel for the assessee, the cash deposited in the bank account of the assessee of Rs. 53,27,000/- was far less than the turnover reflected by the assesse of Rs. 68,28,565/-, on which, she had declared income as per Section 44AD of the Act of Rs. 5,85,552/-. The Ld. CIT(A), in principle, having accepted the fact that the assesse was a small trader in kirana items, with its customers mainly being small hawkers to whom undoubtedly all sales ....