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TMI Blog2019 (9) TMI 154X X X X Extracts X X X X X X X X Extracts X X X X ..... e Tribunal. While exercising power under Section 260A we cannot consider ourselves as the Third Appellate Authority and reexamine the facts. We find that no substantial question of law arises for consideration in this appeal. - Tax Case Appeal No.895 of 2017 - - - Dated:- 16-7-2019 - Honourable Mr. Justice T.S. Sivagnanam And Honourable Mrs. Justice V. Bhavani Subbaroyan For Appellant : Mr. S. Rajasekar For Respondent: Mr. S. Rajesh, JSC for Mr. Karthik Ranganathan, SSC ORDER Judgment was delivered by T.S. Sivagnanam, J We have heard Mr.S.Rajasekar, learned counsel for the appellant assessee and Mr.S.Rajesh, learned Junior Standing Counsel a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essee calling for details. The representative of the assessee appeared and the matter was heard on different dates and on 23.12.2011, the assessee filed the profit and loss account and the balance sheet. As per the AIR information, the assessee made cash deposits of ₹ 41,80,050/- during the year 2008-09 in a savings bank account with M/s.Axis Bank and in his current account with M/s.ICICI Bank and paid an amount of ₹ 2,38,373/- towards credit card expenses. 5. The Assessing Officer found that there were no cash withdrawals, that the entire credits were from the collection in the business run by the assessee, that the total turnover was shown as ₹ 36,95,266/- alone and that the difference in the amount credi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on offered by the assessee was found to be not satisfactory by the Assessing Officer. The CIT(A) re-examined the factual matrix, considered the sufficiency of the explanation and held that in the absence of verifiable evidence, the bank deposits could not be presumed to be a part of sales turnover. The Tribunal also took into consideration the facts and held that the entire unaccounted deposits were to be considered as unexplained income of the assessee under Section 69 of the Act. 8. A thorough fact finding exercise has been done by both the CIT(A) as well as the Tribunal. While exercising power under Section 260A of the Act, we cannot consider ourselves as the Third Appellate Authority and reexamine the facts. We find that ..... X X X X Extracts X X X X X X X X Extracts X X X X
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