9911796707
TMI Blog2023 (7) TMI 1205X X X X Extracts X X X X X X X X Extracts X X X X ..... The order of the National Faceless Appeal Centre dismissing the appeal is contrary to law, erroneous and unsustainable in the facts of the case. 2. The NFAC erred in confirming the addition of Rs. 15,92,000 as unexplained money u/s. 69A of the Act. 3. The NFAC failed to appreciate that the amount deposited in the bank account was duly explained by assessee and hence ought to have deleted the addition made by the officer. 4. The NFAC further failed to appreciate that the assessee had deposited the cash in bank account from his savings in his employment in Kuwait and the moneys given by his friends for starting a new business and the source for deposit having been explained, sustaining the addition was uncalled for. 5. The NFAC furthe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 147 of the Act and made addition towards total cash deposits found with savings bank account maintained with Karur Vysya Bank, amounting to Rs. 15,92,000/- u/s. 69A of the Act. The assessee carried the matter in appeal before the first appellate authority, but could not succeed. The ld. CIT(A), for the reasons stated in their appellate order dated 24.03.2023, rejected arguments of the assessee and sustained addition made by the Assessing Officer towards cash deposits u/s. 69A of the Act. Aggrieved by the CIT(A) order, the assessee is in appeal before us. 4. We have heard both the parties, perused materials available on record and gone through orders of the authorities below. The Ld. Counsel for the assessee, filed a petition for admissio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee is unexplained income. Therefore, in our considered view, under given facts and circumstances of the case, the only possible option left with us is to estimate income from cash deposits found with savings bank account of the assessee maintained with Karur Vysya Bank. Therefore, considering the facts and circumstances of the case and also to settle dispute between the assessee and the Assessing Officer, we are of the considered view that the entire cash deposits of Rs. 15,92,000/- cannot be treated as unexplained money of the assessee and thus, we direct the Assessing Officer to allow relief to the tune of Rs. 8 lakhs, because the source for cash deposits to the extent of Rs. 8 lakhs may be loans received from friends and relatives of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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