2025 (4) TMI 2207

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ated 23.12.2024 pertains to the assessment year 2017-18. 2. The assessee raised 18 grounds of appeal, amongst which, besides challenging the exparte order of the ld. CIT(A), the assessee also agitated that the ld. CIT(A) is not justified in confirming the additions of Rs.. 27,31,000/- being the cash deposits made in SBNs during the demonetization period under section 69 of the Act, Rs.. 5,48,161/- being estimated business income at 8% on the entire bank credit, denial of exemption of Rs.. 1,50,000/- claimed under section 10(13A) of the Act and denial of deduction of Rs.. 15,000/- claimed under section 17(2) of the Act in the given facts and circumstances of the case. 3. Brief facts of the case are that the assessee is an individual an....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... the assessee, the Assessing Officer noted that the balance credits available in bank account is Rs.. 68,52,020/-, whereas, the assessee has admitted only Rs.. 1,96,200/- while computing the income from business. The Assessing Officer also noted that the assessee, either reconciled the difference or furnished any details regarding the credits. Hence, the Assessing Officer taken the turnover of the business at Rs.. 68,52,020/- and net profit at 8% on presumptive basis and worked out the net profit at Rs.. 5,48,161/- and added to the total income of the assessee. Further, the Assessing Officer observed that the assessee has not furnished any proof for the claim of HRA exemption of Rs.. 1,50,000/- under section 10(13A) of the Act and medical a....