2025 (3) TMI 1926

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... Lakshmi Venkatraman, FCA (virtual) For the Revenue : Ms. R. Anitha, Addl. CIT ORDER PER JAGADISH, A.M : Aforesaid appeal filed by the Revenue for Assessment Year (AY) 2018-19 arises out of the order of Learned Commissioner of Income Tax, National Faceless Appeal Centre (NFAC), Delhi [hereinafter "CIT(A)"] dated 28.08.2024 in the matter of assessment framed by Ld. Assessing Officer [AO....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... deposits of Rs. 1,52,28,700/- in Indian Overseas Bank . In response to notice u/s. 148 of the Act, the assessee has filed return of income showing total income of Rs. 2,51,200/-. The A.O in the order passed u/s. 147 of the Act has accepted the assessee's explanation of cash deposit and recorded that no addition is made and assessed income accordingly. However, in the computation sheet he has comp....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....tified. 5. We have heard the rival submissions, and perused the materials available on record. We find that the A.O has reopened the assessment for the reason that the assessee had cash deposits of Rs. 1,52,28,700/- in its bank account. However, in the assessment order, the explanation provided by the assessee was accepted, and no addition was made. The Ld. CIT(A) has accordingly held that when....