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TMI Blog2022 (4) TMI 852X X X X Extracts X X X X X X X X Extracts X X X X ..... e could not explain his case before the Assessing Officer with necessary evidences. Therefore, the learned A.R for the assessee has requested to give one more opportunity of hearing to explain his case before the AO. We find that when the authorities below does not disbelieve claim of the assessee that he was into business of purchase sale of used cars, then they must have examined claim of the assessee that cash deposits found in bank accounts is out of advance received from customers. Since, both the authorities have failed to examine claim of the assessee, we are of the considered view that the issue needs to go back to the file of the Assessing Officer to give one more opportunity of hearing to the assessee to justify his case. Hen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ns given by the assessee do not come within the ambit of reasonable and bonafide reasons, which can be considered for condonation of delay and hence, appeal filed by the assessee may be dismissed as not maintainable. 4. Having heard both sides and considered the petition filed by the assessee for condonation of delay, we are of the considered view that reasons given by the assessee for not filing the appeal within the time allowed under the Act comes under reasonable cause as provided under the Act for condonation of delay and hence, delay in filing of appeal is condoned and appeal filed by the assessee is admitted for adjudication. 5. The assessee has raised following grounds of appeal:- 1. The Commissioner of Income Tax (Appeal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... account as unexplained credit u/s.68 of the Income Tax Act, 1961. The Assessing Officer had also made addition of ₹ 22,30,115/- towards net profit admitted by the assessee from the business of purchase and sale of used cars. 7. Being aggrieved by the assessment order, the assessee preferred an appeal before the learned CIT(A). Before the learned CIT(A), the assessee took different stand and argued that cash deposits found in the bank account is not out of loan received from friends relatives, but advance received from buyers of used cars. The assessee had also made an argument that if at all, cash deposits found in bank account is treated as unexplained, then additions made by the Assessing Officer towards net profit from very sa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he was into used car business and cash deposits found in bank accounts are out of his business receipts. Therefore, the learned CIT(A) has rightly sustained additions made by the Assessing Officer and his order should be upheld. 10. We have heard both the parties, perused material available on record and gone through orders of the authorities below. We find from orders of the lower authorities that the Assessing Officer as well as the learned CIT(A) have accepted fact that the assessee is into the business of purchase and sale of used cars. Once, the authorities have accepted fact that the assessee is into business of purchase and sale of used cars, then they must have examined claim of the assessee that cash deposits found in bank accou ..... X X X X Extracts X X X X X X X X Extracts X X X X
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