2023 (6) TMI 762

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..... ANERJEE, JM: The instant appeal of the assessee was filed against the order of the ld. Commissioner of Income Tax (Appeals),-43, New Delhi,[in brevity the CIT (A)] order passed u/s 250 (6) of the Income Tax Act 1961[in brevity the Act], for A.Y. 2017-18. The impugned order was emanated from the order of the ld. Income Tax Officer (Nodal Officer), International Taxation, Ward-3(1)(2) ,[in brevity .....

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..... e sources from where the income has earned during the year under consideration. Hence the action of the A.O. in charging tax at the rate prescribed u/s 115BBE in this case on the amount declared by the assessee as declared in the ROI for A.Y. 2017-18 is found sustainable and upheld (Para 5.1.5 of order). 2. Because, the Learned CIT (Appeals) has erred in overlooking and summarily rejecting the d .....

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..... be deleted and appeal be accepted." 3. Brief fact of the case is that the assessee deposited cash in a day in State Bank of India on dated 27.12.2016 amount to Rs. 28,40,000/-. In assessment, the ld. AO was dissatisfied about the explanation of the assessee about the source of cash deposit, the entire amount of Rs. 28,40,000/- was added back with the total income of the assessee u/s 69A of the Ac .....

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..... d fully relied on the order of the revenue authorities. 6. We heard the submission of revenue and relied on the documents available in the record. The assessee filed a written submission and submitted the evidence from APB page 1 to 235 which are kept in the record. 6.1 The assessee further claimed that the assessee has a sufficient source for depositing cash in the bank account. The cash flow s .....

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..... mount to Rs. 28,41,359/- which had sufficient to deposit the cash amount to Rs. 28,40,000/- in the bank a/c of the assessee. The ld. CIT(A) had not made any proper reason for disallowance of balance amount to Rs. 7,47,641/-. Accordingly, we set aside the appeal order. The assessee explained properly the source for depositing of cash in bank account. The entire evidence stands in favour of assessee .....

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