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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 ..... etition for condonation of delay along with affidavit explaining the reasons for the delay has been filed. The AR further submitted that the assessee could not file appeal within the time allowed under the Act, due to the fact that the assessee fell sick due to enteric fever and Doctor advised to take rest for 6 weeks, which caused delay of 35 days. The delay in filing appeal is neither intentional nor willful, but for the unavoidable reasons, therefore, delay may be condoned in the interest of advancement of substantial justice. 3. The learned DR, on the other hand, strongly opposing condonation of delay petition filed by the assessee submitted that the reasons given by the assessee do not come within the ambit of reasonable and bonafide ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Assessing Officer noticed that the assessee has made huge cash deposits in Tamil Nadu Mercantile Bank Ltd., Mount Road Branch, Chennai and Axis Bank, Velachery branch. The assessee was asked to explain source for cash deposits in bank account. In response, the assessee has claimed that source for cash deposits was out of loans received from friends & relatives. The Assessing Officer, however, was not convinced with explanation furnished by the assessee and according to him, the assessee could not explain source of cash deposits with necessary evidences and thus, made addition of Rs. 52,07,880/- towards cash deposits found in bank account as unexplained credit u/s.68 of the Income Tax Act, 1961. The Assessing Officer had also made additi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... referring to the assessment order for assessment year 2010-11 submitted that the Assessing Officer has completed assessment for the assessment year 2010-11 u/s.143(3) r.w.s. 147 of the Act, where on very same nature of cash deposits, in bank accounts has been accepted by the Assessing Officer and has estimated net profit of 15% on total cash deposits, therefore, a similar direction may be given to the Assessing Officer to estimate net profit from business. 9. The learned DR, on the other hand, supporting order of the learned CIT(A) submitted that the assessee could not adduce any evidence to justify its stand that he was into used car business and cash deposits found in bank accounts are out of his business receipts. Therefore, the learne ..... X X X X Extracts X X X X X X X X Extracts X X X X
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