2024 (12) TMI 1684

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....023-24/1061810781(1) dated 01.03.2024 involving proceedings under section 143(3) of the Income-tax Act, 1961 (hereinafter referred to as 'the Act'). 2. Heard both the parties at length. Case file perused. 3. The assessee raises the following substantive grounds in the instant appeals: 1. That having regard to the facts and circumstances of the crise, Ld. CIT(A) has erred in law and ger facts in sustaining the action of Ld. AO in making aggregate addition of Rs. 94,66,666/- on account of cash deposits by treating it as alleged unexplained deposits and that to u/s 68 and taxing the same u/s 115BBE by recording incorrect facts and findings and without following the principles of natural justice. 2. That in any case and ....

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.... cash deposits made in Karur Vysya Barik as not derived from sales is devoid of any basis, findings and logic. 7. That having regards to the facts and circumstances of the case, the Ld. CIT(A) erred in law and facts, in addition of cash deposited during demonetization period of admitted sales as per the audited books of account as well as per the returns filed under Delhi Value Added Tax leading to double addition and without providing relief of reduced sales and stock as per the Provisions of Income Tax Act, 1961. 8. That having regards to the facts and circumstances of the case, the Ld. CIT(A) erred in law and facts, in proceeding with the matter without being reasonable, just and applying his mind. 9. That havi....

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....derived from business sales; coming to Rs. 62,66,666/- out of the ICICI Bank deposit of Rs. 89 lakhs made on 10th November, 2016 and Rs. 80 lakhs on 11th November, 2016, respectively and further confirms the impugned addition of Rs. 32 lakhs deposited in M/s. Karur Vysya Bank, and, in this manner the assessee is aggrieved against the addition of Rs. 62,66,666/- + Rs. 32,00,000/-, aggregating to Rs. 94,66,666/- in question. 7. It is in this factual backdrop that there arises the clinching question between the parties as to whether the impugned addition could be upheld merely on estimation basis at the rate of 1/3rd hereinabove or going by the bank-wise deposits, as the case may be, once the assessee had already filed all the relevant evid....