9911796707
TMI Blog2025 (1) TMI 1116X X X X Extracts X X X X X X X X Extracts X X X X ..... r, there is mistake on figure of Rs. 19,870/- by considering as correct amount will reduce to Rs. 28,58,582/-. From the copy of ITR for AY 2016-17, we find that the assessee was having cash-in-hand of Rs. 9,92,080/- the return of income for AY 2016-17 filed on 14.09.2016, copy of which placed on record pages 39 to 41 of the paper book. Thus, if such credit is allowed, the additions is left only to Rs. 18,66,502/-. We find that the assessee was engaged in business income is estimated @ 10% the taxable income would be Rs. 1,86,650/-, which we rounded off to Rs. 2.00 lakhs. Thus, the additions made by AO is restricted to Rs. 2.00 lakhs. In the result, the grounds of appeal raised by the assessee are partly allowed. X X X X Extracts X X X X X X X X Extracts X X X X ..... de and restored back to the CIT(A) or AO. 4. Appellant craves leave to add, alter or delete any ground(s) either before or in the course of the hearing of the appeal." 2. Brief facts of the case are that Assessing Officer was having information that assessee has made cash deposit in his three bank accounts during demonetization period. The Assessing Officer in para-2 of assessment order preparing a summary of cash deposits in Corporation Bank, Varachha Co-Op. Bank and HDFC Bank aggregating of Rs. 18,05,620/- during demonetization period. The Assessing Officer issued notice under section142(1) of the Act on 06.02.2018 to prepare correct return of income for assessment year 2017-18 and to furnish in a prescribed form on or before 08.03.201 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on and other credits in the bank accounts of assessee of Rs. 54,70,812/- thereby added Rs. 72,81674/- and taxed the same under section 115BBE of the Act in the assessment order passed under section 14 of the Act on 01.10.2019. Aggrieved by the additions made in the assessment order, assessee filed appeal before Ld. CIT(A). 4. Before Ld. CIT(A) assessee furnished statement of fact and the detailed written submissions. However, the Ld.CIT(A) confirmed the action of Assessing Officer by taking view that assessee has not replied nor furnished any submission. Therefore, he has no reason to interfere with the addition made in the assessment order. Further, aggrieved by the assessee has filed present appeal before the Tribunal. 5. We have heard ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation period and other credit) in his all three bank accounts. The assessee on the basis of such statement submitted that there was total credit cash entry of Rs. 72,61,804/-, which the Assessing Officer considered at Rs. 72,81,674/- and no permissible deduction on account of interest on savings under section 80TTA of the Act was allowed to assessee. The assessee furnished details of turnover for assessment years 2013-14 to 2016-17 by showing gross turnover and gross taxable income for the year under consideration. There was no business nor any taxable income. The assessee submitted that he has received/availed home loan of Rs. 44,01,180/-, which was disbursed through HDFC Bank, which was also added as "income" of assessee. Copy of loan san ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... section 44AD of the Act @ 8%, the taxable income would be Rs. 1,49,320/-. The Ld.AR of the assessee furnished the aforesaid details in a following tabulate, which was furnished before Ld.CIT(A) also: Sl. No. Particulars Amount (Rs) 1 Addition made by the learned assessing officer 72,81,674 2 Less: a loan disbursed by the HDFC Bank (Annexure-03)-Point 03-C 44,01,180 3 (1-2) 28,80,494 4 Less: Bank interest (u/s 80TTA)-Point 03-A 2,042 5 (3-4) 28,78,452 6 Less: Mistake made by learned AO in making total (7281674 - 7261804) - Point 03 19,870 7 (5-6) 28,58,582 8 Less: Cash on hand as on 01.04.2016 -Point 03-D 9,92,080 9 Estimated gross turnover 18,66,502 10 8% of gross turnover - taxable income 1,49,320 6. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ions are available on ITBA portal. Sending the matter back to the file of CIT(A) or AO would be futile exercise as the majority of evidence furnished by the assessee is self-explanatory and does not require specific verification. 9. We have considered the rival submissions of both the parties and have gone through order of lower authorities carefully. We have also gone through the various documentary evidence furnished by assessee in the form of paper book from pages 1 to 44, consisting of screen shot of ITBA porta, acknowledgement of reply filed in response to notice under section 250 of the Act, written submission filed before Ld.CIT(A), copy of cash book for financial year 2016- 17 sales book for financial year 2016-17 with copy of bank ..... X X X X Extracts X X X X X X X X Extracts X X X X
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