2025 (9) TMI 943

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.... PER JAGADISH, A.M : Aforesaid appeal filed by the assessee for Assessment Year (AY) 2018-19 arises out of the order of Learned Commissioner of Income Tax, National Faceless Appeal Centre (NFAC), Delhi [hereinafter "CIT(A)"] dated 31.05.2024. 2. The effective ground of appeal in this appeal of assessee is against the addition u/s. 68 of the Income-tax Act, 1961 (hereinafter "the Act") of ca....

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....en partnership firm's PAN in place of personal PAN to the Bank by mistake. The A.O did not accept assessee's explanation as Andhra Bank Account in which cash was been deposited was not appearing in the asset side of the proprietors balances sheet. On appeal, the Ld. CIT(A) dismissed the appeal on the ground that the firm has never filled income tax return and in the absence of return there is no d....

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....led a copy of appointment letter issued by MRF dated 28.03.2008, GST/VAT registration copy and GST/VAT return copy as additional evidence. The Ld. AR also submitted the copy of income tax return, audit report and bank statement of Shri G. Venkatesulu, in support of its contention that all the cash deposits in the bank account has been reflected in the books of accounts of Sri Laxmi Tyres and the i....

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....the materials available on record. The A.O has reopened the assessment on the basis of information that there is a cash deposit of Rs. 2,34,87,335/- in A/c. No.211313100000201 of Andhra Bank in the name of M/s. Sri Lakshmi Tyres, but it has not been filed return of income. The A.O has made addition of cash deposit in the order passed u/s 147 of the Act. The Ld. AR has submitted that Shri G. Venkat....