2025 (11) TMI 1399

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....erred to as 'ld. AO'). 2. The only issue to be decided on merits in this appeal is as to whether the Learned JCIT(Appeals) was justified in confirming the addition of Rs. 11 lakhs on account of cash deposits made in the bank account in the facts and circumstances of the instant case. 3. I have heard the rival submissions and perils of materials available on record. The assessee is an individual and had filed his return of income for the assessment year 2011-12 on 14-10-2011 declaring total income of Rs. 2,29,550/-. On the basis of AIR information stating that there was cash deposit made by the assessee to the extent of Rs. 13 lakhs in the bank account maintained with HDFC bank, Sanjay Place, Agra, notice under Section 148 of the Act s....

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....completed the assessment on 24-12-2018. 4. The Learned JCIT(A) on perusal of the bank statement of the assessee and the explanations offered by the assessee with regard to receipt of cash on sale of property in the sum of Rs. 2 lakhs reproduced the availability of cash funds in a tabular column in page 5 of the order. The Learned JCIT(A) was convinced with the documentary evidence submitted by the assessee for receipt of Rs. 2 lakhs in cash from Smt Gashkin Begum on sale of property. The assessee also submitted that he had earned income from speculative transactions and the same were duly offered to tax. The assessee submitted that he had received monies from Adroid Securities in the sum of Rs. 2,95,000 on 5-3-2011, Rs 1,05,000 on 13-11-....

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....r Book. The assessee has offered the income earned from commodity trading as speculative income and hence there is no need to disbelieve the same if the same is shown as a cash source in the cash book of the assessee. On perusal of the cash book, I find that there was no negative cash balance on any day during the year. The said cash book duly covers all the cash deposits made by the assessee in the bank account, totaling to Rs. 13 lakhs and I am convinced that assessee had properly explained the entire source for cash deposits made on each and every day. No part of the said cash deposit remain unexplained. Further I notice that the books of the cash book submitted by the assessee has not been rejected by the lower authorities. Further, the....