2025 (9) TMI 828

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....he order of the Ld. Assessment Unit, Income-tax Department (for brevity, 'Ld.AO') passed under section 147 read with section 144 read with section 144B of the Act, date of order 19/05/2023. 2. The assessee has taken the following grounds:- The following grounds of appeal are without prejudice to one another:- "1. On the facts in circumstances of the appellant's case and in law the order passed by the Ld. CIT(A) u/s. 250 of the Income Tax Act, 1961 (the Act) dated 05-11-2024 the same is erroneous and prejudicial to the interest of natural justice and fair play. 2. On the facts in circumstances of the appellant's case and in law the Ld. CIT(A) erred in holding that the cash deposited amounting to Rs. 23,00,000/....

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....lated deposit of the asseesse is genuine. Only the balance amount of Rs. 15 lakh& Rs. 8 lakh which were deposited in SBN on 10/11/2016 and 17/11/2016, respectively were confirmed for addition. The balance amount of Rs. 23 lakhs was sustained, and rest was deleted. Accordingly, the appeal of the assessee was partly allowed. Finally, the assessee filed an appeal before the ITAT by challenging the addition confirmed by the Ld.CIT(A) amount to Rs. 23 lakhs. 5. We heard the rival submissions and considered the documents available in the records. The Ld.AR filed a written submission which is kept in the record. We have gone through the impugned order of the Ld.CIT(A). The paragraphs 5.3.1 &5.3.2 of the alleged appeal order are reproduced as be....

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....return filed in pursuance of notice under section 148 of the Act. Further, assessee declared the entire deposit in his turnover and declared in return of income. In argument the Ld. AR stated that books of account were produced including the stock register which are not at all rejected by the Ld.AO during the time of assessment. Finally, the assessee has declared his turnover in VAT return and the month-wise details of sales and purchases was duly submitted before the revenue authorities. The ld. AO had not rejected any of the documents and the veracity of the evidence was not challenged. The assessee submitted comparative chart of month-wise cash deposits for F.Y. 2015-16 and FY 2016-17 which is reproduced as below: - FY 2015-16 Mont....