2025 (3) TMI 2277

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....ra Shrivastava - Ld. Sr. DR ORDER MANOJ KUMAR AGGARWAL (ACCOUNTANT MEMBER) 1. Aforesaid appeal by assessee for Assessment Year (AY) 2016-17 arises out of an order of learned Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi [CIT(A)] dated 12-06- 2024 in the matter of an assessment framed by Ld. Assessing Officer [AO] u/s. 147 r.w.s. 144B of the Act on 25-....

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....order. The Ld. CIT(A) rejected the same by observing that there was gap of more than 80 days / 6 months between withdrawal and payments and therefore, the explanation could not be accepted except for an amount of Rs. 3 Lacs since the withdrawals were on the same day. Aggrieved, the assessee is in further appeal before us. 3. We find that there is no alternative usage of bank withdrawals has bee....