2026 (6) TMI 468

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....evenue : Shri Ganesh R Ghale, Standing Counsel for assessee ORDER PER WASEEM AHMED, ACCOUNTANT MEMBER: This appeal is filed by the assessee against the order dated 30.11.2025 passed by the learned Commissioner of Income Tax (Appeals), NFAC, for Assessment Year 2017-18 confirming addition of Rs. 9,40,000 under section 69A of the Income-tax Act, 1961. 2. The appeal is accompanied by a pe....

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....condoned. 4. We have considered the explanation and find that the delay of 28 days is neither inordinate nor attributable to negligence or mala fide intention. The explanation furnished is reasonable and supported by bona fide circumstances. In view of the settled principle that justiceoriented approach should be adopted in condonation matters, we are satisfied that sufficient cause has been sh....

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....e addition. 5. Aggrieved by the order of learning CIT-A, the assessee is in appeal before us. 6. The ld. AR before us assessee submitted that the cash deposits were sourced from interest income from lending activities, recovery of loans from borrowers, opening cash balance and accumulated funds. A cash flow statement was furnished explaining availability of cash prior to deposits. The bankin....

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....ailability of funds through interest income, loan recoveries, and opening balance. The bank statements corroborate the pattern of deposits and withdrawals. It is also relevant to note that the assessee is engaged in small-scale lending activities, where transactions are often informal and documentation may not always be maintained in a structured manner. The explanation furnished by the assessee, ....