2025 (11) TMI 2004

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....Assessment Year 2009-10. 2. The assessee has raised following grounds: 1. That the order passed by the Hon'ble CIT (A) dated 03.06.2024 is against the law and facts of the case. 2. That having regard to the facts and circumstances of the case, Hon'ble CIT (A) has erred in law and on facts in confirming the action of Ld. AO in framing the impugned assessment order u/s 144/147 of the Act and without complying with the mandatory conditions u/s 147 as envisaged under the Income Tax Act, 1961. 3. That having regard to the facts and circumstances of the case, Hon'ble CIT (A) has erred in law and on facts in confirming the action of Ld. AO in passing order without giving adequate opportunity of hearing. ....

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.... condition became relatively stable, I immediately contacted my counsel and preferred the present appeal, along with a request to condone the delay of 60 days in filing the same. My medical prescriptions are enclosed for your reference." 3.1 The DR has no objection to the bonafide explanation for the short delay in filing of this appeal. Accordingly, the short delay of 60 days in filing this appeal has been condoned and the appeal is admitted on merits. 4. The sole issue challenged by the assessee is related to treatment of cash deposits in bank account, as unexplained income of assessee amounting to Rs. 50,71,354/- u/s 69A of the Act, without considering the material evidence and appreciating the facts and merits of the case. ....

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....t the amounts of cash deposits in question, admittedly withdrawn from bank and assessees' concern, were utilized for any other purpose. In our view, no addition could be made merely on the ground that there was time gap between the withdrawals and the corresponding cash deposits in the bank account. Out view gets support from the judgement delivered in the case of ASSISTANT COMMISSIONER OF INCOME TAX vs. BALDEV RAJ CHARLA & ORS (2009) 121 TTJ 0366. 7. In another case of MOONGIPA INVESTMENT LIMITED vs. INCOME TAX OFFICER (2012) 70 DTR 0132 it was held that Since the deposits are from the cash balance available to the assessee in its books of account, the addition cannot be made or sustained on the basis that there was time gap between....