2025 (3) TMI 1981

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....ate For the Respondent : Ms. R. Anitha, Addl. CIT ORDER PER JAGADISH, A.M : Aforesaid appeal filed by the assessee 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 08.08.2024 in the matter of assessment framed by Ld. Assessing Officer [AO] u/s. 147 r.w.s 144 r.w.s 1....

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....has paid an advance of Rs. 9,00,000/- in cash . Assessee has not filled return of income, therefore the A.O. reopened assessment by issuing notice u/s 148. In response to notice u/s. 148 of the Act, the assessee filed return of income by admitting total income of Rs. 2,99,560/-. The assessee, during assessment proceeding has explained the source of cash for making advance as a saving from business....

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....et Income (Profit) as per profit and loss a/c. 1 2011-12 2012-13 1,47,000 2 2012-13 2013-14 1,73,000 3 2013-14 2014-15 1,71,000 4 2014-15 2015-16 2,19,000 5 2015-16 2016-17 1,95,000 6 2016-17 2017-18 2,07,000 7 2017-18 2018-19 2,99,560 6. As regard to source of cash deposit, the assessee has shown loans from his....