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TMI Blog2023 (1) TMI 165X X X X Extracts X X X X X X X X Extracts X X X X ..... e unaccounted/ concealed income. RA has not only examined the deposits but also the manner of withdrawal. The copy of register showing the sale of milk and buffalos have been discredited to reach a finding that the ld AO failed to make enquiry. The findings of ld Revisional Authority cannot be sustained as the enquiry in to the relevant issues is duly reflected in the assessment proceedings and only because the ld Pr. CIT being a higher authority and more wiser in experience considered that enquiry in some other aspects would have resulted in different opinion, does not give jurisdiction to exercise revisional power u/s 263. That being so the grounds raised are allowed and the impugned order of revisional authority is set aside. The appe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that during the assessment proceedings, the assessee submitted written reply to the questionnaire and submitted that in the original Income Tax Return filed on presumptive basis, stake the gross total income has been mentioned at Rs.1,74,290/- instead of Rs.3,74,290/-. Accordingly, he filed a belated revised Return for the year under consideration and requested the AO to consider this Revised Return and he would be paying the tax on Rs. 2 lacs addition. The assessee also submitted that he is deriving income from work of small contractor, sale purchase tie and Dairy etc. Regarding the query related to the cash deposited in the Bank, the assessee submitted that he had to keep cash in hand and whenever required he deposited cash in the Bank a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . The assessee in response admitted that the interest earned on his Saving Bank Account (Rs.909./- + Rs.247/-) by him was not declared (inadvertently) in his ITR for A.Y. 11 -12. The assessee further submitted that the Demand Drafts issued on 8th 9th March, 2011 for DETC, Karnal were for seeking liquor vends for F.Y. 2011-12. As far as for the source of cash deposits, the assessee submitted that he was not maintaining books of account in view of Section 44AD of the I.T. Act and the cash deposits in his Bank account were made from his gross business receipts declared in his Revised Return to the tune of Rs.46,78,625/-. He has also submitted a photocopy of some register showing the sale of milk and some buffalos by him. Ld. Revisional autho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ious cash deposits made in his bank account were out of business receipts on which income u/s 44AD has been computed, is duly considered and accepted. It was submitted by the ld AR that the settled proposition of law is that when on the basis presumptive basis return is filed u/s 44AD then the assessee is not under obligation to explain individual entry of cash deposit and reliance was placed on the judgment of Hon ble Jurisdictional High Court of Punjab and Haryana in case of CIT Vs. Surinder Pal Anand (2010) 192 Taxmann 0264. 7. On the other hand the ld DR submitted that there is no error in the findings of the revisional authority. 8. Giving thoughtful consideration to the matter on record it can be observed that revenue cannot ..... X X X X Extracts X X X X X X X X Extracts X X X X
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