2026 (5) TMI 403

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....vide assessment order dated 06.03.2025 passed u/s. 143(3) r.w.s. 144B of the Act. 2. The brief facts state that the respondent assessee filed his return of income for A.Y. 2023-24 on 23.09.2023, declaring total income of Rs. 4,98,990/- the case was selected for complete scrutiny under CASS on account of large cash payments made for credit card purchases. Statutory notices u/s. 143(2) and 142(1) of the Act were issued and served upon the assessee. Initially, assessee did not respond to such notices however, he responded against show cause notice sent by the department u/s. 144 etc and filed part of response submitting that he is in the business of collecting insurance premiums from clients in cash or through bank transfer. Subsequently, h....

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....s held with Axis Bank, HDFC Bank & SBI cards. Ld AR has further submitted that a detailed submissions, explanations were filed before the first appellate authority, who found assessee's claim cogent, convincing and satisfactory and rightly deleted the additions made by the assessing officer. 8. The main point for consideration under appeal is as to whether ld CIT(A) has erred in deleting addition of Rs. 2,35,22,807/- made in the income of the assessee on account of unexplained cash deposits and from credits in assessee's bank accounts without verification? 9. We notice that during the assessment proceedings, the assessee furnished the list of names of persons in whose names premiums were paid. The assessing officer chose to examine th....

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.... by the appellant at the time of filing of appeal. The appeal is being decided by considering the same as below: 6.2 The facts of the case are that the appellant is maintaining various bank accounts. During assessment proceedings the AO noticed that there are substantial transactions in these bank accounts which don't match with the profile of the appellant. Accordingly he called for certain details and explanations about the sources and details of the credits to these bank accounts and payments made through credit cards. The appellant submitted his reply and details. The Assessing Officer considered the same, accepted it partly and treated an amount of Rs. 2,35,22,807/- as unexplained. Accordingly the same was deemed to be unexpla....