9911796707
TMI Blog2014 (1) TMI 798X X X X Extracts X X X X X X X X Extracts X X X X ..... 1. The order of the Hon'ble CIT(A) is erroneous in law as well as facts. 2. The Hon'ble CIT(A) ought to have taken into consideration the fact that the assessee voluntarily brought to the notice of the department that the said bank account contain deposits of sale proceeds. 3. The Hon'ble CIT(A) ought to have taken into consideration that the assessee declared 15% profit in respect of the bank deposits representing sale proceeds along with other sales as per books and ought not to have resorted for any addition. 4. The Hon'ble CIT(A) erred in concluding that the deposits does not represent sale proceeds warranting estimation of profit at 15%. 5. The Hon'ble CIT(A) ought to have observed that in spite of search and seizure operation th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s conducted in the assessee's premises on 12.8.2009. During the said action, various incriminating material/documents were found and seized, leading to issue of notice u/s. 153A of Income-tax Act, 1961. The particulars of income admitted by the assessee in the returns filed in response to the said notice on 3.6.2010 are as under:- Date of Income as Income as Agril. Agril. filing per return A.Y. per original Income Income original u/s. 153A return (Rs.) (Rs.) (Rs.) return (Rs.) A.Y. Date of filing original return Income as per original return (Rs.) Agril. Income (Rs.) Income as per return u/s. 153A (Rs.) Agril. Income (Rs.) 2005-06 29.10.2005 14,52,451 60,000 27,42,451 60,000 2006-07 18.10.2006 18,89,190 - 59,03,190 - 200 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cord. The learned AR's contention is that the amounts deposited into the Bank A/c. No. 446 at Jubilee Hills Branch of Andhra Bank represent regular business receipts and they cannot be isolated from the business income of the assessee. On the other hand, the learned DR submitted that the onus was upon the assessee to explain each and every entry in the Bank A/c., with regard to the nature and source of the deposits, whereas in this case, the assessee has failed to furnish the explanation and in the absence of credible information there was no scope to treat the deposits as relating to the business receipts of the assessee so as to estimate the income at 15% of the gross receipts. He submitted that the bank account does not have any nexus wi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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