2019 (9) TMI 1755

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....pondent : Mr.AR. V. Sreenivasan, JCIT, D.R ORDER PER GEORGE MATHAN, JUDICIAL MEMBER This is an appeal filed by the assessee against the order of the Commissioner of Income-tax (Appeals)-5, Chennai in ITA No.256/C.I.T(A)-5/2017-18 dated 25.07.2018 for the assessment year 2015-16. 2. Shri D. Anand represented on behalf of the Assessee and Shri AR.V. Sreenivasan represented on behalf of t....

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....own as Rs. 25,12,359/-. Under the scheme of PMGKY-2016, the assessee had disclosed an amount of Rs. 20,00,000/- and paid the tax thereon. For the balance of Rs. 5,12,369/-, the assessee had shown adequate source, as per the Assessing Officer for the assessment years 2013-14 and 2014-15, totaling to Rs. 3,16,390/-. The Assessing Officer did not accept the assessee's claim in respect of balance of R....

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....sing Officer. Only in regard to the opening balance of a amount of Rs.1,95,969/- is being challenged by the Assessing Officer as unexplained cash credit, out of an amount of Rs. 25,12,359/-. It is an accepted fact that the assessee has made profits in the earlier years and the balance sheet, profit and loss account as produced by the assessee clearly shows savings. The assessee's bank account came....