2025 (11) TMI 2007

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....-18. 2. The grounds of appeal raised by the assessee are as under: "1. On the facts and in the circumstances of the case and in law, the Learned Commissioner of Income Tax (Appeals) -NFAC erred in confirming the addition of Rs. 6,25,000/- under section 69A of the Income Tax Act, 1961, by treating the same as unexplained cash deposits, without properly appreciating the explanation and documentary evidences submitted by the Appellant. 2. Delete the addition of Rs. 6,25,000/- made under section 69A of the Income Tax Act, 1961, and Grant such other and further reliefs as may be deemed fit and proper in the interest of justice. 3. The Appellant craves leave to add, alter, amend, or withdraw any of the abov....

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....the aforesaid cash deposits of Rs. 6,25,000/- were treated as 'Unexplained money' u/s. 69A of the Act. Further, during assessment proceedings, the assessee had furnished computation of his income wherein business income amounting to Rs. 46,337/- had been declared. AO also added the same to the total income of the assessee. Accordingly, the AO passed the assessment order u/s. 147 r.w.s 144 r.w.s 144B of the Act on 26.03.2022 determining the total income of the assessee at Rs. 6,71,337/-. 5. Aggrieved by the order of AO, the assessee preferred appeal before the CIT(A). The CIT (A) issued several notices to the assessee. However, no response was received from the assessee. He adjudicated the appeal of the assessee after consi....

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....the money deposited in the bank account were amounts withdrawn from the bank. In view of the same, the ld. AR has requested to delete the addition of Rs. 6,25,000/- made u/s. 69A of the Act. 7. The learned Senior Departmental Representative (ld. Sr. DR) for the revenue supported the orders of lower authorities. He submitted to uphold the order of the CIT(A). 8. We have heard both the parties and perused the materials available on record. The assessee was engaged in the business of money transfer. He is an agent of M/s. Wall Street Finance Ltd. The documents placed before us demonstrate that during the subject year, the assessee was disbursing funds received from abroad to the recipients in India. The assessee's bank account refle....