2019 (2) TMI 2137

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....This appeal by the assessee is arising out of the order of Commissioner of Income Tax (Appeals)-28, Mumbai [in short CIT(A)], in appeal No. CIT(A)-28/IT-837/ITO-17(3)(4)/2014-15 vide dated 03.10.2016. The Assessment was framed by the Income Tax Officer, Ward-15(1)(2), Mumbai (in short 'ACIT/ITO/ AO') for the A.Y. 2011-12 vide dated 24.03.2014 under section 143(3) of the Income Tax Act, 1961 (herei....

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....3. At the outset, the learned Counsel for the assessee stated that the assessee is not maintaining any books of account and opted for presumptive taxation under section 44AD of the Act. The assessee has not maintained any profit and loss account but only maintained balance sheet. The learned Counsel for the assessee stated that the cash deposit of Rs. 26,72,890/- in Bank of Baroda and Rs. 15,59,60....

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....ails are given in the assessment order. I have gone through the order of CIT(A), who has decided the ground dismissing the assessee's appeal by observing as under: - "This ground is in respect of addition of Rs. 2691198/-as unexplained cash credit, the AO analysed all the bank details and it was revealed that gross sales of appellant were Rs. 27,14,204/-whereas the banks were credited by Rs. 54,....

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.... except to confirm the addition made. The same is confirmed and the ground is dismissed." 4. I find that none of the authorities below have tried to co-relate the cash withdrawals and cash re-deposited in the bank accounts and also the cash sales is to be co-relate with the cash deposit in the bank account. On this point, the learned Counsel for the assessee undertook to file the details before ....