2026 (5) TMI 1772

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....ras Gilhotra, Advocate, Shri Hardik Jayal, Advocate For the Revenue : Shri Ajay Kumar Arora, Sr. DR ORDER PER SANJAY AWASTHI, ACCOUNTANT MEMBER: 1. This appeal arises from order u/s 250 of the Income Tax Act, 1961 (hereafter as "the Act"), passed by Ld. CIT(A)-NFAC, Delhi. In this case, the facts are that the assessee is proprietor of one M/s S.K. Textile Mills, which is engaged in ret....

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....on account of a police case involving a close relative. Needless to say, the Ld. CIT(A) disbelieved the assessee's contention and confirmed the impugned addition. 1.2 The aggrieved assessee has approached the ITAT and has challenged the action of the authorities below. 2. Before us the Ld. AR argued with the help of a voluminous paper book running into 1500 pages and took pains to point out ....

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.... deposit of Rs. 2,10,99,588/-, only the demonetized currency was chosen for making the impugned addition. The Ld. AR also informed the reason why such heavy amounts have been maintained by the assessee. 2.1 The Ld. DR relying on the orders of the authorities below stated that the surrounding facts and circumstances were suspicious at the best. 3. We have carefully considered the rival submis....