9911796707
TMI Blog2023 (6) TMI 179X X X X Extracts X X X X X X X X Extracts X X X X ..... any confirmation letter from Shri B.Suryanarayana before the revenue authorities or before us. Assessee has not accounted both the transactions i.e. payment to APBCL or amount received from Shri B.Suryanarayana. Since the assessee failed to bring any material on record in support of his explanation, find that the Ld.revenue authorities have rightly held the amount as unexplained - Decided against assessee. - I.T.A.No. 250/Viz/2021 - - - Dated:- 1-6-2023 - Shri Duvvuru Rl Reddy, Hon ble Judicial Member For the Appellant : Shri G.V.N.Hari, AR For the Respondent : Shri O.N.Hari Prasada Rao, DR ORDER PER SHRI DUVVURU RL REDDY, JUDICIAL MEMBER : This appeal is filed by the assessee against the order of Commissio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .34,88,060/- representing cash deposits made during the demonetisation period was treated as unexplained money and brought to tax u/s 69A of the Act. 3. On being aggrieved, the assessee preferred an appeal before the CIT(A) and the Ld.CIT(A) upheld the addition made by the AO and dismissed the appeal of the assessee. 4. On being aggrieved, the assessee preferred an appeal before the Tribunal by raising the following grounds : 1. The order of the learned Commissioner of Income Tax (Appeals) is contrary to the facts and also the law applicable to the facts of the case. 2. The learned Commissioner of Income Tax (Appeals) is not justified in sustaining the addition of Rs.34,88,060 made by the assessing officer u/s 69A of the Act ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed that the Ld.CIT(A) is justified in upholding the addition made by the assessee, since the assessee failed to bring any material on record in support of his explanation. He, therefore, pleaded to uphold the addition made by the Ld.CIT(A) and dismiss the appeal of the assessee. 7. I have heard both the parties and perused the material placed on record. It is apparent from record that the turnover of the assessee was declared at Rs.2,91,73,740/- and the assessee admitted net profit of Rs.9,87,778/-. It is observed that the assessee made total cash deposits during the financial year 2016-17 including the demonetisation period aggregating to Rs.3,26,61,800/- as against the gross turnover declared by the assessee at Rs.2,91,73,740/-. Hence, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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