9911796707
TMI Blog2024 (10) TMI 536X X X X Extracts X X X X X X X X Extracts X X X X ..... ited in the bank account of the assessee, even if none appeared on behalf of the assessee. Having failed to do so and the assessee having now filed before us all evidences in support of his claim of the cash deposited in the bank account being from explained sources, it is in the interest of justice that the issue be reconsidered by the Revenue Authorities after due verification of all the claims made by the assessee. We, therefore, restore the issue back to the AO to decide the issue of cash deposited in the bank account of the assessee afresh after giving due opportunity of hearing to the assessee and after considering all explanation and evidences filed by the assessee in this regard. The grounds raised by the assessee are accordingly al ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0/-in current account No. 903002201003984 and Rs. 80000/- in Department of Post as per provisions of section 69A of the Income tax Act and added to the total income. 4. The lower authorities have failed to appreciate that the genuineness of the source of the cash deposit have been explained and made out of the cash sales (Total Turn Over Rs. 4.72 Cr) made by the assessee and income already offered for taxation. 5. The Appellant craves leave to add/amend /alter any of the grounds of appeal before or at the time of hearing. 6. In view of all these and other reasons, which may be produced during the process of appeal, the appeal may please be allowed and justice rendered. 3. The solitary issue in the present appeal relates to the addition made ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing out business of tobacco products and confectionery of namkeen and other items since very long in his proprietorship concern Vikas Trading . That, the cash deposited was on account of this business carried out by him. The Tax Audit Report of the assessee, duly certified by the Chartered Accountant, was also before the Assessing Officer along with the audited financial results of the assessee. He pointed out that all these facts are noted by the Assessing Officer in his assessment order in page No. 2 itself. He further pointed out that, during the assessment proceedings, the Assessing Officer had exercised his powers of issuing notices and acquired copy of bank account statements of the assessee from the respective bank, which revealed th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Counsel for the assessee has made out a fairly good case before us that the ld. CIT(A) has reiterated the order of the Assessing Officer without considering all the facts and material before him. As rightly pointed out by the ld. Counsel for the assessee, the ld. CIT(A) ought to have considered the audited financial results of the assessee, the Tax Audit Report of the assessee and the copy of bank statements collected by the Assessing Officer during assessment proceedings for adjudicating the issue of cash found deposited in the bank account of the assessee, even if none appeared on behalf of the assessee. Having failed to do so and the assessee having now filed before us all evidences in support of his claim of the cash deposited in the ba ..... X X X X Extracts X X X X X X X X Extracts X X X X
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