9911796707
TMI Blog2023 (10) TMI 976X X X X Extracts X X X X X X X X Extracts X X X X ..... made addition of Rs. 12,07,000/- u/s. 69A of the Act without basis and justified reason merely on his whims and fancies and by ignoring the sustainable vital evidence filed by the assessee in the form of copy of cash ledger drawn by the Chartered Accountant of assessee, reply of assessee before the Assessing Officer vide dated 19.11.2019 computation of income for AY 2017-18 and copy of order passed by the Assessing Officer u/s. 154 of the Act. The ld. counsel further drawing our attention towards submissions placed before the ld. CIT(A)/NFAC vide dated 27.01.2023 submitted that the assessee has been filing return of income for more than 20 years and the details of returned income from AY 2011-12 to 2016-17 i.e., immediately preceding seven ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 33/- on 01.04.2016. Ld. CIT(A) has arbitrarily without any basis partly allowed the appeal of the assessee to the amount of Rs. 3,07,000/- and sustained the addition of Rs. 9,00,000/-. Thus the ld. counsel lastly submits that CIT(A) erred in not appreciating the fact that Section 69A has no application to the facts of this case as assessee has duly recorded the amount in her books of account and has also filed her return of income. The ld. counsel drawing our attention towards cash ledger for FY 2011-12 to 2016-17 submitted that in the beginning of financial period there was opening balance of accumulated cash of Rs. 12,43,932/- as on 01.04.2016 out of which cash of Rs. 22,000/- was withdrawn up to 08.11.2016 and remaining amount was deposi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ade and partly upheld by the ld. CIT(A). 7. On careful consideration of above submissions, at the very outset, I note that the assessee in paper book 2 has filed copies of ITR for AY 2012-13 to 2017-18 wherein the assessee has shown substantial income. The assessee before the ld. CIT(A) submitted detailed chart of returned income from AY 2010-11 to 2016-17 wherein the assessee has declared total income of more than Rs. 24,05,080/- and copy of return for AY 2017- 18 shows that the assessee has also shown income of Rs. 4,68,402/-. Therefore, during preceding seven years and present AY 2017-18 the assessee has shown total income of Rs. 28,73,482/- which is three times in comparison to the amount upheld by the ld. CIT(A) amounting to Rs. 9 lak ..... X X X X Extracts X X X X X X X X Extracts X X X X
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