Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2023 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (2) TMI 637 - ITAT JAIPURReopening of assessment u/s 147 - cash deposits unexpalined - as submitted cash deposited by the assessee in his bank account payments were made for purchase of vegetables - HELD THAT:- As in order to prove the bona fides of the business transaction, the assessee submitted the entire books of accounts before the AO during the course of assessment proceedings as well as before the ld. CIT(A) and no defect was pointed out by the lower authorities in the books of account produced by the assesse. It is a trite law that once the assessee has offered income u/s 44AD of the Act on presumptive basis then assessee is not required to maintain books of account on a regular basis but the assessee produced the books of account before the lower authorities As noted from the assessment order that the assessee had paid interest on the outstanding balance of the bank account maintained by the assessee and it can be seen assessee was having cash balance with him. It is noted that the AO had considered certain percentage at which interest had been paid by the assessee i.e. 22.20% but the AO has not given any basis of arriving at such interest percentage. The Bench finds from the available records that during the course of hearing the assessee had supplied all the details before the lower authorities like books of accounts, details of financial statement and bank account etc. but it was ignored. It is also noted that the assessee had made elaborate submissions before the ld. CIT(A) which were also not controverted by the ld. CIT(A) in his order. In view of the above facts and circumstances of the case, the Bench finds that the addition sustained amounting by the ld. CIT(A) is deleted. - Decided in favour of assessee.
|