2025 (11) TMI 546

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....Year (A.Y.) 2012-13. 2. The grounds raised in the appeal by the assessee are as under: "1. The Learned Commissioner of Income Tax (Appeals) erred in holding that the appellant had not provided any evidences of cash deposit like books of accounts, purchase and sale of jewellery made by the HUF and further erred in holding that it cannot be construed that the appellant had shown cash deposit of the turnover of HUF 2. The Learned Commissioner of Income Tax (Appeals) erred in not giving proper opportunity to the appellant for further submission. 3. The Learned Commissioner of Income Tax (Appeals) erred in rejecting the submissions made by the appellant before the Assessing Officer. 4. The Learned Commissio....

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....100009825 maintained with Abhyudayu Co-Op. Bank Ltd and belonged to the HUF of the assessee. To substantiate his aforesaid claim the assessee had provided the bank statement in which the cash was deposited alongwith the bank books and cash books of the HUF. The assesse, it was contended, had explained that the Bank had inadvertently linked his PAN with the said bank account, since he was the Karta of his HUF. Both himself and his HUF were engaged in the business of retail trading of gold and silver jewellery ornaments. The cash deposited in HUF account was pointed out to the AO as having been accounted for in the business carried out by the HUF and profit of the said business returned to tax. Copy of the Income Tax Return of the HUF was als....