9911796707
TMI Blog2023 (7) TMI 377X X X X Extracts X X X X X X X X Extracts X X X X ..... have savings out of drawings atleast to the extent of ₹. 2,00,000/-, in fact, the assessee has produced sales abstract for the period April, 2016 to March, 2017 before the authorities below. Accordingly, out of the addition we sustain the addition of ₹. 1,50,000/- as unexplained income.Appeal filed by the assessee is partly allowed - I.T.A. No. 176/Chny/2023 - - - Dated:- 7-7-2023 - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uently, since the assessee was prevented by sufficient cause, the delay in filing of the appeal stands condoned and the appeal is admitted for adjudication. 3. Brief facts of the case are that the assessee has filed his return of income for the assessment year 2017-18 on 29.03.2018 admitting total income of ₹. 3,20,150/-. The return filed by the assessee was selected for scrutiny under CA ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... id amount in new currency and a letter from the Corporation Bank was brought on record. On appeal, the ld. CIT(A) upheld the addition made by the Assessing Officer. 4. On being aggrieved, the assessee is in appeal before the Tribunal. The ld. Counsel for the assessee has submitted the assessee was engaged in retail sales of mobiles and has no other source of income and prayed for deleting the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... balance deposit of ₹. 7,45,500/- was disallowed. However, the cash deposit during demonetization period i.e., on 10.11.2016 of ₹. 3,50,000/- has been disallowed by the Assessing Officer for want of concrete evidence. We are of the considered opinion that the assessee, being a retail seller of mobile phone could have savings out of drawings atleast to the extent of ₹. 2,00,000/-, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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