2025 (11) TMI 890

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e assessment year 2017-2018 on 31.03.2018 admitting taxable income at Rs. 5,48,230/-. The case was selected for limited scrutiny to verify the 'cash deposit' during demonetization period. During the course of assessment proceedings, the Assessing Officer noticed that, the appellant has made cash deposit of Rs. 14,05,000/- in it's bank A/c held with Central Bank of India. The Assessing Officer called-upon the assessee to explain it's source for cash deposit. In response, the assessee submitted that, the bank account reported in the name of Appellant-HUF is in fact belong to the assessee-individual and it is opened and operated by assessee in his individual capacity. Further, in the bank a/c held in the name of HUF during the demonetizati....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....o the extent of Rs. 7 lakhs out of addition of Rs. 14,05,000/- and sustained the balance addition of Rs. 7,05,000/- because, the assessee could not explain the source for the same. 4. Aggrieved by the order of the learned CIT(A), the assessee is now, in appeal before the Tribunal. 5. Mr. S. Venkateswarlu, Tax Consultant-Learned Counsel for the Assessee referring to various evidences including the return of income filed by the assessee viz., Manchala Krishna in his individual capacity on 30.03.2018 submitted that, even before the Assessing Officer issued notice u/sec.148 of the Act, the assessee has filed return of income in his individual capacity and disclosed bank a/c held with Central Bank of India in the return of income and, ther....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....bank, they are contradicting each other. Therefore, the learned CIT(A) has rightly rejected the arguments of the assessee and sustained the addition to the tune of Rs. 7,05,000/- because, the assessee could not explain the source. Therefore, he submitted that, the order of the learned CIT(A) should be upheld. 7. We have heard both the parties, perused the material on record and the orders of the authorities below. There is no dispute with regard to the fact that, Assessing Officer has made additions towards cash deposit into bank a/c held with Central Bank of India on the basis of report submitted by the bank as per reporting requirement where the bank a/c has been reported in the name of the Appellant-HUF and it's PAN. It is the content....