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TMI Blog2021 (4) TMI 154X X X X Extracts X X X X X X X X Extracts X X X X ..... at such deposits are from his diary business as a plausible explanation in absence of anything contrary on record in terms of any other source of income - We find force in the contention so advanced by the ld AR that the source of cash and other deposits in the bank account is out of assessee s dairy business and gross receipts thereof have already been offered in the return of income.The addition so made by the Assessing officer is hereby directed to be deleted. - Decided in favour of assessee. - ITA No. 1100/JP/2019 - - - Dated:- 10-3-2021 - Shri Sandeep Gosain, JM And Shri Vikram Singh Yadav, AM For the Assessee : Sh. O. P. Bhateja (ITP) For the Revenue : Smt. Monisha Choudhary (Addl.CIT) ORDER PER: VIKRAM SINGH ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the bank account maintained by the assessee which on appeal has been confirmed by the ld CIT(A) and hence, the present appeal. 3. During the course of hearing, the ld. AR submitted that source of cash and other deposits in the bank account is out of assessee s dairy business and the Assessing Officer has not brought on record any source of income other than the daily business which was carried on by the assessee. It was submitted that once the return of income disclosing gross receipts of ₹ 14,56,230/- from dairy business has been accepted as per provisions of section 44AD of the Act, no separate addition can be made on the basis of bank deposits especially where the credits made in the bank account is less than gross receipts dec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Diary, Tijara and in pursuant to notice u/s 148, he has filed his return of income u/s 44AD declaring gross receipts from his diary business amounting to ₹ 14,56,230/-. The return so filed u/s 44AD has been accepted by the Assessing officer which in effect means the declarations and disclosure so made by the assessee in terms of carrying on diary business, non-maintenance of books of accounts and gross receipts from such business amounting to ₹ 14,56,230/- has since been accepted by the Assessing officer. In such a scenario, where there are cash and other credits in the bank account maintained by the assessee amounting to ₹ 11,38,000/- which are less than the gross receipts from diary business so declared by the assessee, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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