9911796707
TMI Blog2025 (4) TMI 1479X X X X Extracts X X X X X X X X Extracts X X X X ..... circumstances of the case, the Ld. CIT(A) has erred in law and in facts while deleting the addition of Rs. 77,96,530/- under section 69A of the I.T Act 1961 by suo-moto taking the bank deposits as turnover and estimating the profit @ 8% of Rs. 95,83,320/- ignoring the fact that the assessee has not furnished complete details of bank deposits, the same is added to the total income of the assessee as unexplained money u/s 69A of the I.T. Act. 1961. 2. That the order of CIT (A), being erroneous in law and in facts be cancelled and the order of the AO be restored. 3. Any other grounds arose during the proceedings of appeal." 2. The facts of the case are that the assessee deposited Rs. 11,72,500/- during the demonetization period in his ba ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessee by treating the same as unexplained money and levied tax upon the same under section 115 BBE of the Income Tax Act, 1961. 3. Aggrieved with this assessment, an appeal was filed by the legal heir of the assessee before the CIT-2, Lucknow. During the course of appeal proceedings, it was brought on record that the assessee had expired on 10.12.2018 and since that day, Smt. Sunita Gupta, Wife of the assessee had been carrying on the business on behalf of her husband. The legal heir submitted that the assessee i.e late Sh. Sateesh Kumar was running a Kirana Store and the total turnover of his business was Rs. 95,83,320/-. It was also submitted that a VAT audit had taken place and the taxable turnover as per the VAT orders was Rs. 95 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in law and in facts while deleting the addition of Rs. 77,96,530/- under section 69A of the Act by accepting that the bank deposits were turnover, ignoring the fact that the assessee had not furnished the complete details of bank deposits, He, therefore, submitted that it was fit to be considered from the point of section 69A and the decision of the ld. CIT(A) to accept the deposit as turnover and tax them @ 8% was not justified. 5. On the other hand, the ld. AR, Shri. Shubham Rastogi, C.A., submitted that the reason for non-compliance before the ld. AO was the illness of the assessee and his subsequent demise shortly after the filing of the return. However, the legal heir of the assessee had filed the explanation with regard to the cash ..... X X X X Extracts X X X X X X X X Extracts X X X X
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