2025 (11) TMI 1759

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.... captioned appeal at the instance of assessee pertaining to A.Y. 2010-11 is directed against the order dated 18.03.2025 of National Faceless Appeal Centre (NFAC), Delhi passed u/s.250 of the Income-tax Act, 1961 (hereinafter also called 'the Act') arising out of Assessment Order dated 29.03.2022 passed u/s.144 r.w.s.254 r.w.s144B of the Act. 2. Registry has informed that the appeal before this ....

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....f appeal No.1 to 3 . Accordingly, the said grounds are dismissed as 'not pressed'. 5. The only effective issue remains for my adjudication is regarding addition u/s.68 of the Act for unexplained cash deposit of Rs. 15,66,472/-. 6. At the outset, Ld. Counsel for the assessee submitted that the alleged cash deposit is on account of payments received from various customers which they have depos....

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....xtent of Rs. 15,66,472/- was found to be deposited in the savings bank account of the assessee. Valid notice u/s.148 of the Act followed by statutory notice u/s.142(1) of the Act issued but there was no compliance from the side of assessee. Ld. AO finally framed the best judgment assessment u/s.144 of the Act and assessed income at Rs. 15,67,340/-. Ld. Counsel for the assessee with the help of ban....

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....dering the facts and circumstances of the case and that the assessee is not filing the regular return of income and not maintaining proper details and even has not filed the return in compliance to notice u/s.148 of the Act, I proceed to estimate the income of the assessee from the scrap trading activity carried out during the year. Alleged cash deposits are also part of the turnover for the year ....