2026 (3) TMI 871

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.... Shri Samir Vora, ARs For the Respondent : Shri Veerbadram Vislavath, Sr. DR ORDER PER DR. B.R.R. KUMAR, VICE-PRESIDENT:- This appeal is filed by the Assessee against the appellate order dated 30.08.2025 passed by the Commissioner of Income Tax (Appeal) Panaji, relating to the Assessment Year 2016-17. 2. The assessee has raised the following grounds of appeal: 1.1 The order....

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....as unexplained source of income. 3. The brief facts of the case are that the appellant is an individual engaged in the business of trading in plywood under the name "Neelgiri Enterprise." The appellant filed his return of income for A.Y. 2016-17 on 12.01.2017 declaring total income of Rs. 5,50,480/-. The case was selected for limited scrutiny under CASS for the reason "whether cash in hand show....

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....l before this Hon'ble Tribunal. 6. The learned Counsel for the assessee submitted that written submissions, bank statements, and cash book were duly uploaded before the lower authorities. It was explained that the assessee had made total withdrawals from three banks amounting to Rs.56,43,810/- and redeposited cash of Rs. 21,77,500/- during F.Y. 2015-16, leaving a balance cash on hand of Rs. 34,....

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....assessee before both the Revenue authorities, the same is reproduced as under: Cash Flow Statement for the Year 2015-16 Cash Inflow Amount Cash Outflow Amount To Opening Balance 126301     To Withdrawal from HDFC Bank 5591900 By depositing in HDFC Bank 2169500 To Withdrawal From Bank of India 2910 By Payment to Vikas Motors 103621 To ....