2025 (11) TMI 723

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....of Rs. 23,82,220/- so sustained by the Ld. CIT(A) is accordingly liable to be deleted. 2. In the facts and circumstances of the case, the Ld. CIT(A) has grossly erred in sustaining addition of Rs. 23,82,220/- under section 68 of the income tax act without considering the facts as well as cash flow summary already submitted on record, which undisputedly justifies the availability' of cash with the appellant. 3. In the facts and circumstances of the case, the Ld. CIT(A) has grossly erred in sustaining addition of Rs. 23,82,220/- under section 68 of the income tax act, contrary to the provisions of Law; because maintenance of books of accounts is a sine-qua-non for making such addition and the appellant being a salaried e....

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....activities at Village : Kumharkhan, Tehsil : Bhatapara. The assesse has also enclosed copy of bank statement, copy of Form 16, Form 26AS and ITRs. According to the assessee, he had deposited Rs. 26,97,000/- in cash in HDFC Bank and Dena Bank during demonetization and withdrawn Rs. 24,40,000/- cash from KCC loan on 25.04.2016 from Dena Bank. The assessee had contended that since loan amount was not utilized, hence, loan was repaid by depositing cash into KCC loan account of Dena Bank during demonetization period. It is pertinent to mention that during the course of assessment, notice u/s. 133(6) of the Act was issued to the Dena Bank, Sadar Bazar, Bhatapara on 11.07.2019. The reply submitted by the said bank makes it clear that the assessee ....

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....se statements or without negating those statements, it was not appropriate for the First Appellate Authority to dismiss the appeal of the assessee. 4. Further, it is very much emanating from facts on record that the assessee was having agricultural income and on that basis, for development purpose of agricultural land, he had procured certain amount as loan, which in fact, was deposited back for repayment purpose in the account of Dena Bank since the same was not utilized. No evidence has been brought on record by the Ld. CIT(Appeals)/NFAC to controvert these facts on record. The order of the Ld. CIT(Appeals)/NFAC pertains to the character of guess work and surmises instead of proper verification which was mandated by the statute. Accord....