9911796707
TMI Blog2022 (1) TMI 84X X X X Extracts X X X X X X X X Extracts X X X X ..... it out of original additions of Rs. 34,60,500/-made by Learned Assessing Officer. 2. Appellant submits that in view of the facts and circumstances of the case as well as in law, the said additions of Rs. 3,16,715/- by Learned Assessing Officer confirmed by Learned CIT (Appeals) is bad in law and deserves to be deleted. 3. Brief facts of the case are that the appellant was engaged in the catering business under the proprietorship of M/s. Sai Durga Caterers and there was information available with the department that Appellant had deposited cash in the Bharat Cooperative Bank of Rs. 16,85,500/- and with Vijaya Bank of Rs. 17,75,000/-. The assessment of Appellant was completed under best judgment u/s 144 of the Act since no details were f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the form of Receipts and Payment account. The tabular representation of detailed analysis of AO's enquiries with vendors of Appellant made during the course of Remand Proceedings, submitted by the Appellant during the course of Appellate Proceedings, it is clear that out of total purchases of 32.76 lacs, Rs. 22.52 lacs are confirmed by the vendors of the Appellant. The balance 10.24 lacs remain unconfirmed. I find merit in Appellant's submission that the amounts remaining unconfirmed is due to the fact that there is a huge lapse of time between the date of transaction and proceedings of Income Tax. Not all vendors will be functioning from the same premises over such a long span of time. It is also possible that parties are engag ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... chases, cash sales to the tune of Rs. 3,16,715/-, as claimed by the Appellant must be held to be not from catering business and accordingly, said amount of Rs. 3,16,715/- deposited in the bank stands unexplained. Out of balance cash deposits of Rs. 28,75,750/- a sum of Rs. 25,59,035/- is considered as satisfactorily explained out of catering business. However, an addition of Rs. 3,16,715/- is confirmed u/s 68 of the Act being unexplained cash credit. Accordingly, this Ground of Appeal is considered as partly allowed. 5. Against the above order, assessee is in appeal before the ITAT. 6. I have heard the Ld. DR and perused the records. None appeared on behalf of the assessee despite notice. I find that on the facts and circumstances of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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