TaxTMI 
TaxTMI 
2026 (1) TMI 1680
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....re-in-after referred to as "the Act") relevant to the Assessment Year 2017-18. 2. Although, this appeal filed by the assessee, for Assessment Year 2017-18, contains, multiple ground of appeals. However, at the time of hearing, I have carefully perused all the grounds raised by the assessee. I find that most of the grounds raised by the assessee, are either academic in nature or contentious in nature. However, the solitary grievance of the assessee is ld.CIT(A) erred in sustaining the addition of Rs. 8,78,000/-, on account of alleged unexplained cash deposits in bank accounts by invoking provision of section 69A of the Act. 3. Succinctly, the factual panorama of the case is that assessee before me is an Individual and has filed return ....
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....roprietor concern named M/s Prabhat Industries copy of our balance sheet and audit report is attached herewith for your verification. We received income from the above trading business sources. As per your required, we are submitting all our Bank account statements for your verification. And also submitting our bank book for your verification. During the above A.Y 2017-18, we have a bank account in The co-operative bank of Rajkot Ltd. Gondal, Our bank account no is.8110100000246 and 8110100000182. During the above year, we made cash deposit transactions in our above bank account. A copy of both bank account statements is attached here for your verification. We would also like to clarify that all bank accounts cove....
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....oss account, Bank Accounts, Bank pass book, Income Tax Return, Computation of Income, Cash Ledger account, confirmation, and Bank Statement etc. 6. The assessing officer accepted the above reply of the assessee and therefore, out of the total proposed addition in the hands of the assessee of Rs. Rs.22,02,642/-, the assessing officer, only made addition in the hands of the assessee, to the tune of Rs.8,78,000/-, as unexplained money u/s 69A of the Act. 7. Aggrieved by the order of the assessing officer, the assessee carried the matter in appeal before the learned CIT(A), who has confirmed the action of the assessing officer. Therefore, the assessee is in further appeal before this Tribunal. 8. I have heard both the parties and caref....
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....at as per assessing officer, the assessee has failed to prove the source of the amount of cash deposit in the bank account to the tune of Rs. 8,78,000/-, although the assessee has filed the documentary evidences, before the assessing officer to prove the source of the cash deposit. I note that the complete disallowance of Rs. 8,78,000/-, cannot be made in the hands of the assessee, as the assessee has filed some documentary evidences before the assessing officer which is mentioned in the assessment order. Besides, only the profit element embedded in the cash deposit in the bank account of Rs. 8,78,000/-, should be made in the hands of the assessee. I note that during the financial year, the assessee carried out the trading business of edibl....