2025 (12) TMI 331

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....TA No.3083/Del/2025 for AY 2018-19 arises out of the order of the National Faceless Appeal Centre (NFAC), Delhi [hereinafter referred to as "ld. NFAC", in short] in Appeal No. ITBA/NFAC/S/250/2024-25/1073745926(1) dated 26.02.2025 against the order of assessment passed u/s 147 r.w.s 144B of the Income-tax Act, 1961 dated 27.02.2024 (hereinafter referred to as "the Act") by ITO, Ward36 (1), Delhi (....

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....Notice under section 148 of the Act stood issued to the assessee on the ground of income escaping assessment. In response to the said notice, the assessee filed his return of income on 13-07-2023 declaring taxable income of Rs. 91,010/-. During the course of reassessment proceedings, it was observed that there were certain cash deposits made by the assessee in his bank account for which he was dir....

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.... same and proceeded to add the remaining sum of Rs. 12,56,680/- as unexplained money under section 69A read with section 115 BBE of the Act.   5. I find that assessee had indeed withdrawn a sum of Rs 7,60,000/- from his HDFC Current account in the same year. Further a sum of Rs 1,48,500/- has been withdrawn from the savings bank account. It is not the case of the revenue that the sums with....

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....also considering the fact that assessee being engaged in the adhesive business in earlier years also, a sum of Rs 1,00,000/- is given credit to the assessee as available cash source and the remaining sum of Rs 2,48,180/- is treated as unexplained. Accordingly, I direct the learned AO to sustain the addition of Rs 2,48,180/- as unexplained money in the facts and circumstances of the instant case. T....