2025 (12) TMI 741

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....acted as under: - "6. For that the learned CIT (A) has failed to consider that cash deposit totaling to Rs. 2,05,53,980/- made in the current bank A/c No. 50200001165678/- have been duly incorporated and shown in audited accounts of Mr. Pramod Kumar Keshari (PAN AGHPK9849C) 7. For that the Ld. CIT(A) has failed to consider that source of deposits in the bank account was out of sale proceeds of the proprietorship firm and was fully explained and entered in the books of the proprietorship firm of Mr. Pramod Kumar Keshari (PAN AGHPK9849C) and therefore could not be considered as unexplained money. 8. For that the Ld. CIT(A) while deciding the appeal has failed to consider the settled position of law that same income ....

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....the assessee M/s Mangalam Sarees is a partnership firm. During the year the entire business of the said firm was taken over by one of the partner Shri Pramod Kumar Kashera and therefore, the business of M/s Mangalam Sarees was run as proprietary concern and the bank account of the said firm was treated as account in the proprietary concern with all other assets and liabilities were all taken over by the proprietary concern. But in the bank records, the current account continued to be in the name of partnership firm. Consequently, there was no business in the hands of the assessee firm since all the assets and liabilities were also taken over by the proprietary concern, including the cash credit account no. 1165678 with HDFC Bank which was s....

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.... the proprietary concern were partly deposited into this cash credit account which aggregated to Rs. 2,05,53,980/-. This is also undisputed that the total sales during the financial year made by the said property concern as per the audited balance sheet were Rs. 3,65,83,876/- which were inclusive of the cash sales deposited imot cash credit account. We also note that the said property concern has filed GST return in form of GSTR-9, disclosing the total turnover of Rs. 3,65,98,916/-. The property concern has also incorporated the said current account with HDFC bank in which the closing balance was Rs. 33,99,346/- which was appearing on the liability side of the balance sheet of the proprietary concern as on31.03.2019. Therefore, we find meri....