2018 (6) TMI 1397

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..... hat both the statutory appellate fora were wrong in coming to the finding that the business in which the appellant is engaged involves mostly cash and credit card payments. But these are all factual issues and we do not want to reappreciate the materials on the basis of which the Tribunal arrived at its finding. No substantial question of law
Aniruddha Bose And Amitabha Chatterjee, JJ. MR.PRANIT BAG, ADVOCATE FOR APPELLANT MR.RANJAN SINHA,ADVO CATE FOR RESPONDENT ORDER The Court : Certain undisclosed bank accounts of the assessee were discovered in course of survey operation by the Income Tax Authorities under section 133A of the Income Tax Act, 1961. On that basis fresh assessments were made under sections 154/147/143(3) of the Act .....

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..... sion for cash redeposited is also available to the assessee though it is not possible to state that both cash deposits & withdrawals are made by the assessee himself. Further a possibility of incurring routine cash expenses is also possible but side by side cheque investment or consumption expenditure by cheque or credit card is equally probable. Therefore, a rate of 25% is taken to represent the concealed profit on the total deposits on an average and the taxable income of the assessee is recomputed accordingly. This figure may appear slightly excessive for A.Y. 2005-06 but it is adopted for this year also in view of the above discussions. As a result the adoption of 8% profit rate on all cheque/transfer withdrawals and also on the regular .....

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..... s undisclosed Bank accounts were not made entirely out of cash withdrawals made from the said accounts and such cash deposits thus were made at least partly out of independent source of income. Moreover as rightly pointed out by the ld.D.R. in this regard, the total cash withdrawals from the undisclosed bank accounts of the assessee were found to be made in the range of 25% to 42% of the total fixed deposits, but the ld.CIT(Appeals) estimated the income of the assessee only to the extent of 25% of the total deposits after considering all other aspects including the cash deposits made during the corresponding period. It is also pertinent to note here that some of the outgoings from the undisclosed Bank accounts of the assessee by cheques or .....

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