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TMI Blog2017 (9) TMI 1848X X X X Extracts X X X X X X X X Extracts X X X X ..... e forms part of the business receipts cannot be brushed aside lightly. The assessee has not furnished any detail in support of its claim of business receipts. In our considered opinion and considering the manner in which the cash was deposited and transmitted to the firms account, 50% of the cash deposited should be treated as the income of the assessee. We modify the findings of the ld. CIT(A) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ere heard together and are disposed of by this common order for the sake of convenience. 3. It was agreed that facts of ITA No. 712/Ahd/2015 should be taken into consideration for the disposal of the appeals. On such concession, we heard the rival submissions and have carefully perused the orders of the authorities below. 4. During the course of the scrutiny assessment proceedi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n of the assessee was found to be without any substance by the A.O. who made the addition of ₹ 39,00,300/- in A.Y. 2011-12 and ₹ 13,10,400/- in A.Y. 2012-13. 6. Assessee carried the matter before the ld. CIT(A) but without any success. 7. Before us, the ld. counsel for the assessee took an altogether new plea stating that the money was deposited from the business do ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on perusing the ledger account of Induslnd Bank, we find that whenever the cash was deposited, it was immediately transferred to M/s. Shri Krishna Cargo. Therefore, the contentions that the same forms part of the business receipts cannot be brushed aside lightly. 10.The assessee has not furnished any detail in support of its claim of business receipts. In our considered opinion and consi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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