TaxTMI 
TaxTMI 
2025 (8) TMI 1371
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....case, and also in law, the Ld. C.I.T. (A), erred in confirming the action of Assessing Officer making addition of Rs. 12,64,000/- u/s 69A, being cash deposit in the bank account/s during the demonetisation period, ignoring the submission and explanations of your appellant that said deposits are made out of the cash balance held as on 08.11.2016. Your appellant, therefore, submits that addition made by the Assessing Officer is invalid, bad in law and prays for full deletion of the same. (ii) On the facts and in circumstances of the case, and also in law, the Ld. C.I.T. (A), erred in confirming the action of Assessing Officer arbitrarily estimating income of Rs. 5,35,024/-, being 'profit and gains of business or profession' o....
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....e same to various dealers after retaining his service charges and /or commission. The assessee was also arranging transport, arranging insurance of such two wheelers and registration of vehicles with local Regional Transport Office (RTO). The assessee was also storing such vehicles in his go-down till delivery is handed over to customers. The invoice of sale value of two-wheelers was issued directly by various dealers and role of assessee was of mediator. In response to notice under section 142(1), the assessee could not furnish return of income. Though, the assessee furnished complete information required for assessment, as initial notices could not be complied, which may have been considered by assessing officer to pass assessment order u....
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....art of total turnover. The business activities of the assessee otherwise accepted by lower authorities. The ld. AR of the assessee prayed that reasonable and estimation of income @ 6.00% of total transaction in the bank including of cash deposit to avoid the long-drawn process of litigation with department. 3. On the other hand, learned Senior Departmental Representative(Sr DR) for the revenue supported the order of lower authorities. The ld. Sr. DR for the revenue submits that assessing officer has reasonably estimated the income of assessee on the deposit apart from cash deposits made in the form of SBN. The assessee failed to filed return of income and deposited cash in SBN, during demonatisation, therefore, said amount was separately....
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....2,64,000/- was added separately under section 69A and was taxed at the enhanced rate under section 115BBE. We find that once the assessing officer has accepted the other credit in the bank account as part of business receipt by accepting the explanation of assessee of his business activities of two-wheeler, such cash deposit was also to be considered as part of business receipt. 5. While considering the submission of ld. AR of the assessee, we independently examined the fact of the case and the material available or record. On perusal of bank statement, we find that there is systematic cash deposit and transfer of such amount to the automobile dealers such as Roshan Automobiles, Dolphin Automobiles, Shree Durga Motors, Kanchan Auto Parts....