2025 (3) TMI 2224

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.... ORDER PER MANISH BORAD, AM: This appeal filed at the instance of assessee is directed against the order of Ld. CIT(A)/NFAC dated 18.11.2024 which is arising out of the assessment order u/s 144 of the Act for Assessment Year 2017-18 framed on 21.12.2019 by the ITO, Ward-9(5), Pune. 2. At the outset, Ld. Counsel for the assessee requested for not pressing ground of appeal nos.1 and 2 ch....

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....ization period is of Rs. 7,81,500/- whereas the Assessing Officer has made addition on total cash deposit of Rs. 11,18,500/-. He also submitted that the assessee furnished the return but was not accepted by the Assessing Officer where he has declared business receipts and also offered income of Rs. 2,95,410/-. He further submitted that accumulated past savings of his family members and self were t....

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....for the substantial cash deposits during the demonetization period i.e. 09.11.2016 to 31.12.2016. The assessee also declared turnover of approx Rs. 8,00,000/- in its investments and business offered income u/s 44AD at Rs. 2,95,410/-, however, the said return has not been accepted by the Revenue Authorities. It is also admitted fact that the assessee is a small time businessman and residing with hi....

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....are having accumulated past savings and that the assessee has disclosed the business turnover u/s 44AD of the Act of approx Rs. 8,00,000/-, we in order to end the dispute and being fair to both the parties deem it appropriate to sustain the addition at Rs. 4,00,000/- as against the impugned addition made by the Assessing Officer. The addition of Rs. 4,00,000/- sustained by us includes the business....