2025 (3) TMI 1867

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...., Sr.DR ORDER PER B.R. BASKARAN, A.M : The assessee has filed this appeal challenging the order dt. 25-11-2024 passed by the Ld. Commissioner of Income Tax (Appeals)-National Faceless Appeal Centre (NFAC), Delhi ["Ld.CIT(A)"] and it relates to AY. 2017-18. The only issue urged in this appeal is related to the addition of Rs. 13.21 lakhs relating to cash deposits made into the bank account....

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....wn from the bank earlier. The AO took the view that the assessee-company has failed to give any satisfactory explanation about the nature and source of cash deposits and accordingly he assessed the cash deposit of Rs. 13.21 lakhs as un-explained income of the assessee u/s. 68 of the Act. The Ld.CIT(A) also confirmed the same. 4. The Ld.AR submitted that the assessee is a Private Limited company....

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....istake has happened in the reply given to the AO on 17-09-2019; wherein it was inadvertently mentioned as copies of un-audited Balance Sheet and Profit & Loss Account were furnished; whereas what was furnished was audited Balance Sheet and Profit & Loss Account only. Accordingly, the Ld.AR submitted that there is no reason to suspect the Books of Account and the impugned addition made out of the c....

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.... correct or not?. Hence, what is required to be examined is the books of accounts and not the financial statements. The assessee has furnished summary of cash book at page 142 of the paper book. A perusal of the same would show that the assessee has withdrawn from banks a sum of Rs. 11,95,000/- in the month of April, 2016 Rs. 70,500/- Rs. 45,000/- and Rs. 55,000/- respectively in the months of Jun....