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TMI Blog2019 (5) TMI 1863X X X X Extracts X X X X X X X X Extracts X X X X ..... proprietory concern, M/s Modern Tailoring Company. In respect of his proprietory concern, the assessee has declared income u/s 44AD since the turnover of this business does not exceed the threshold limit of ₹ 1 crore. In the assessment order, the AO himself has accepted that the deposit in the bank account represents the realisation of sales. Therefore, even if the explanation of the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n appeal filed by the assessee against the order of the ld. CIT(A)-I, Jaipur dated 04/12/2017 for the A.Y. 2014-15 in the matter of order passed U/s 143(3) of the Income Tax Act, 1961 (in short the Act). 2. In this appeal, the assessee is aggrieved for addition of ₹ 36,78,540/- U/s 69A of the Act by treating the cash deposit as unexplained. 3. Rival contentions have been heard and reco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e debtors. The AO further observed that the assessee has deposited ₹ 17,75,300/- with Bombay Mercantile Cooperative Bank Ltd. The AO vide show cause letter dated 20.12.2016 which is reproduced at page 5-6 of the assessment order asked assessee to provide reasons and justify the amount of ₹ 17,75,300/- and ₹ 19,00,000/- deposited in co-operative bank and received from debtors resp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arefully gone through the orders of the authorities below. From the record we found that the assessee has only two sources of income. One is the remuneration, interest, share of profit, and rent from partnership firm, M/s Modern Fashion Textile Tailoring Co. in which he is a partner and second is business income from his proprietory concern, M/s Modern Tailoring Company. In respect of his propri ..... X X X X Extracts X X X X X X X X Extracts X X X X
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