TaxTMI 
TaxTMI 
2026 (4) TMI 1305
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.... Years 2009-10 & 2010-11. 2. The Revenue has raised the following grounds of appeal: 1. On the facts and circumstances of the case and in law, the Ld.CIT(A) has erred in restricting the addition made by AO of Rs. 9,82,99,241/- to 8% of the same unaccounted income on account of section 69A of the Act as the assessee neither in the assessment proceedings nor in the appeal proceedings produced any cogent evidences to prove that the deposits made in the Bank account pertains to his business receipts ie from cheque discounting business. 2. On the facts and circumstances of the case and in law, the Ld. CIT(A) has erred in restricting the addition from Rs. 9,82,99,241/ to 8% of the same when the assessee has totally failed to ....
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....urther, on verification of the Cash Transaction Report, additional bank accounts with substantial cash credits amounting to Rs. 9,82,99,241/- were found during the financial year 2008-09. On perusal of the return of income filed for the year under consideration, the appellant had shown gross receipts of Rs. 2,02,298/- and net profit of Rs. 1,06,326/-. Thus, it was apparent that the aforesaid bank credits were not reflected in the return of income filed by the assessee. Accordingly, the case was reopened under section 147 of the Income Tax Act, 1961 and notice under section 148 was issued and served on 31.03.2016. After about four months from the issuance of notice under section 148, i.e., on 08.08.2016, the appellant submitted that the orig....
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....unts produced either during the assessment nor before the appeal proceedings, it is decided that 8 % of the total credits of Rs 9,82,99,241/- should be taxed...' 5. Heard the rival contention and perused the material available on records. 6. We have gone through the above facts and circumstances of the case, and considering the material available on record, we find that the Ld. CIT(A) has taken a reasonable view in restricting the addition to 8% of the total credits, treating the same as income of the assessee. The Revenue has failed to bring on record any cogent material to controvert the findings of the Ld. CIT(A) or to justify the addition made by the Assessing Officer of the entire amount under section 69A of the Act. Accordingly,....
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....urse of hearing of the appeal. 8. As regards to ground no.1 of assessee's appeal the reopening was properly invoked u/s. 147 of the Act as per the records. Hence the legal ground does not sustain. 9. Since we have already upheld the order of the Ld. CIT(A) while dismissing the appeal of the Revenue on identical facts and issues, we do not find any reason to interfere with the order of the Ld. CIT(A) in the present appeal filed by the assessee. Accordingly, the appeal filed by the assessee is dismissed as infructuous. Coming to the ITA No.689/Srt/2024 for AY 2010-11 (Appeal by the assessee) 10. The assessee has raised the following grounds of appeal: 1 On the facts and circumstances of the case as well as law on the subj....