2025 (2) TMI 1846

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....927107(1) dated 21.06.2024 for the A.Y.2017-18 arising out of order passed under section 143(3) of the Income Tax Act, 1961 (in short 'Act') dated 17.12.2019. 2. Brief facts of the case are that, assessee being an Individual deriving income from salary from Government Polytechnic College, Vijayawada and filed his return of income for the A.Y. 2017-18 on 03.08.2017 admitting a total income of Rs. 15,85,570/-. Subsequently, the case was selected for limited scrutiny. Thereafter notice under section 143(2) &142(1) of the Act were issued from time to time and called for information from the assessee. In response, assessee filed information through e-filing portal on various dates. The Ld. Assessing Officer [hereinafter in short "Ld.AO"] obse....

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....ee filed an appeal before Ld.CIT(A). Before Ld. CIT(A) assessee made similar submissions, however, Ld.CIT(A) found the explanation by the assessee not tenable and dismissed the appeal of the assessee. 5. Aggrieved by the order of the Ld. CIT(A), assessee is in appeal before us by raising following grounds of appeal: - "01. The order of the Assessing Officer though appears to be reasonable it is an erroneous order on account of misrepresentation of facts by the authorized representative of the appellant. 02. It is prayed that the appellant should not suffer on account of mistake committed by the authorized representative which made the Assessing Officer to treat the deposit of Rs. 38,00,000/- as unexplained money u/s.69A....

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....id to the assessee as follows: - Date Amount 27.06.2016 2,00,000 28.06.2016 3,00,000 27.09.2016 1,10,000 28.11.2016 10,00,000 08.12.2016 25,00,000 22.12.2016 2,00,000 Total 43,10,000 8. He therefore pleaded that the sources of the cash deposits being explained additions would not be made by the revenue authorities and prayed for deletion of the additions. 9. Per contra, Ld. DR fully supported the orders of the Revenue Authorities. 10. We have heard both the sides and perused the material available on record including the paper book submitted by the assessee. The case of the Ld. AO is that the assessee has deposited cash of Rs. 38,00,000/- in Specified Bank Notes during the demonetizat....

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.... 11.03.2016 and the same was granted by the SBI by Asst. General Manager, SBI vide sanctioned order dated 11.05.2016. This was credited to SB account held with State Bank of India, NRI branch, Vijayawada bearing a/c.no.10 012228258 on 16.05.2016 standing in the name Nimmagadda Aruna Kumari with co applicant being the appellant, Nimmagadda Gopichand. From the said amount Nimmagadda Aruna Kumari withdrawn an amount of Rs. 40,00,000/- and 10,00,000/- on 18.05.2016 and 23.05.2016 respectively. This amount was taken into the business books of M/s.Anil Scientific Company Prop Aruna Kumari Nimmagadda. During the demonetization period, the appellant deposited Rs. 10,00,000/- Rs. 25,00,000/- and Rs. 2,00,000/- on 28.11.2016, 09.12.2016 and 22.12.20 ....