2025 (8) TMI 883

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....s: The assessee is an individual. The AO had received information that assessee had made cash deposits of Rs. 33,94,516/- during the relevant assessment year namely AY 2012-13. Since the assessee did not file the return of income for the assessment year 2012-13, the AO had reason to believe that income had escaped assessment and so, notice u/s.148 of the Act was issued on 28.03.2019. The assessee did not respond to the notice issued u/s.148 of the Act. Hence, notice u/s.142(1) of the Act dated 07.12.2019 was issued. Since there was no response to the notice issued u/s.142(1) of the Act, the AO sent a proposal to complete the assessment on best judgment basis u/s.144 of the Act (proposal / show-cause dated 12.12.2019). The assessee did no....

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....The CIT(A) however, accepted the assessee's plea that the cash deposit is only to the tune of Rs. 21,64,516/- instead of Rs. 33,94,516/-. Accordingly, the CIT(A) partly-allowed the appeal of the assessee by limiting the addition u/s.69A of the Act to Rs. 21,64,516/-. 4. Aggrieved by the order of the CIT(A), the assessee has filed the present appeal before the Tribunal. The submissions made before the CIT(A) and the relevant annexures which was furnished before the CIT(A) are placed on record. The ld.AR reiterated the submissions made before the CIT(A). 5. The ld.DR supported the order of the AO and the CIT(A). 6. We have heard rival submissions and perused the material on record. The assessee's basically plea before the Tribunal is....