2026 (4) TMI 898

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.... the assessee against the order of the Ld. Commissioner of Income Tax, Appeal, ADDL/JCIT (A)-6, Chennai (hereinafter referred to as "CIT(A)") dated 25.11.2025 passed under Section 250 of the Income Tax Act, 1961 (hereinafter referred to as the "Act") and relates to Assessment Year (A.Y.) 2012-13. 2. The grounds of appeals raised by the assessee are as under: "1. The sale proceeds havin....

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....eclared so." 3. The solitary issue in the present appeal pertains to addition made to the income of the assessee on account of cash found deposited in his bank account amounting to Rs. 15,10,000/-, the source of which, remained unexplained. 4. I have heard both the parties. 5. The contention of the Ld. Counsel for the assessee before me is that the assessee had paid taxes on his income co....

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....t the AO having accepted the income returned by the assessee on presumptive basis and the cash deposited in his bank account being commensurate with the gross receipts from his business on which presumptive income was offered by the assessee, there was no case at all for treating the entire cash deposit as being income from unexplained sources. 6. The Ld. DR, however, stated that the assessee h....

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....not attributing the cash deposited in his bank account to his business activity. It is not the case of the Revenue that the assessee has been found to be carrying on some other business or some other activity in cash. The assessee admittedly has sold vegetables to the tune of Rs. 15.80 Lakhs which is generally accepted practice to conduct the business in cash and the amount deposited in the bank a....