TaxTMI 
TaxTMI 
2026 (2) TMI 494
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.... assessment order passed by the Assessing Officer u/s 143(3) of the Act, on 20.12.2019. 2.Grounds of appeal raised by the assessee are as under: "1. The grounds of appeal mentioned hereunder are without prejudice to one another. 2.The ld. Commissioner of Income-tax (Appeals), National Faceless Appeal Centre, Delhi (hereinafter referred to as the "CIT(A)"] erred on facts as also in law in confirming addition of Rs. 8,46,500/-made on the alleged ground that the assessee failed to explain sources of cash deposit in the bank accounts held with State Bank of India during demonetization period. The addition confirmed is unjustified and uncalled for, which deserves to be deleted, may kindly be deleted. 3.Your Honour&#....
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....e did not appear acceptable by the assessing officer, therefore, a show -cause notice dated 10.12.2019 was issued to the assessee. 4. In response to this, the assessee furnished his reply dated 04.11.2019. The assessee submitted that he was doing cash withdrawals at frequent occasions from his bank account during financial year (FY) 2014-15 & 2015-16. The assessee further submitted that he received back loans into his bank account and the cash deposits made by him were out of cash withdrawals made during the year. The assessee further submitted last six years books of account to substantiate that he regularly maintains books of account. 5. Considering the above evidences submitted by the assessee, the assessing officer agreed to give ....
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....visions of section 145 of the Act. The assessee has quoted case laws in his support. The assessee further claims that ITR-2 do not contain any schedule for furnishing of balance sheet, profit and loss account nor the assessee can furnish it of his own in e-filing return of income, hence it was not filed. The assessee admitted that books were produced before the assessing officer. However, ld.CIT(A) rejected the above contention of the assessee and held that the circumstantial evidences and records support the assumptions of the assessing officer. Hence, the grounds raised by the assessee were dismissed and the addition made by the assessing officer was upheld, by learned CIT(A). 7.Aggrieved by the order of the Ld. CIT(A), the assessee is....
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....ded that addition made by the assessing officer may be deleted. 9. On the other hand, the Ld. DR for the Revenue has primarily reiterated the stand taken by the Assessing Officer, which we have already noted in our earlier para and is not being repeated for the sake of brevity. 10. I have carefully considered the facts of the case, the submission of the Learned Counsel for the assessee and ld DR for the Revenue and evidences on record. Before me, the assessee has submitted following documents and evidences: (i). Copy of reply dated 23.09.2019 filed before the assessing officer - Paper Book Page Nos.15 & 16 (ii) Copies of acknowledgement of return of income, ITR computation of income, financial statements for the asse....
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.... there is no room to make any presumption. The assessing officer did not find any entry in the cash book, as incorrect, as such assessing officer's allegation on this ground is misplaced. It may be observed from the balance sheet and entries in cash book for last three years made available (supra) that the assessee has made various investments and various transactions are made in the bank account itself. Further, the facts on record clearly shows that the assessee maintains regular books of accounts since for more than three decades and as such without bringing any contrary material on record to presume that there is room for manipulation of accounts is rather misplaced. However, I also find that some of the documents and evidences file....