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2024 (3) TMI 544 - ITAT SURATTaxability of cash deposits as unexplained u/s 69A r.w.s. u/s. 115BBE - cash deposited in the bank accounts have not been shown as recorded or explained in the books of account of the assessee and the assessee has failed to satisfactorily explain the source of cash deposits - HELD THAT:- Assessee under consideration is running the same business, as he was running in the assessment year 2013-14, there is no change in the facts of the assessee's case. No merit in the arguments of Revenue to the effect that assessee`s facts are different in assessment year 2017-18. CIT(A) in assessment year 2013-14, held that considering the facts of the case and history of the appellant’s case, the unexplained cash deposits are taken as turnover and profit at the rate of 3.5% is estimate on such turnover. Thus, we note that the Department/Revenue has accepted the claim of the assessee and taxed the turnover @ 3%. Thus, at the cost of repetition we state that there is no change in assessee’s facts and circumstances of the present case and assessee’s business remain same and facts also remain same, therefore we note that unexplained cash deposit may suffer the tax @ 3.5% on estimated basis. Therefore, we direct the AO to treat amount deposited in the bank account, as a part of assessee`s business turnover, and to be taxed @ 3.5% - Since, the turnover is out of assessee`s own business hence no question arises to tax the same u/s. 115BBE of the Act, therefore we direct the AO to tax the assessee`s estimated addition under normal rate of tax. Credit of TDS deducted on the interest on Fixed Deposit - HELD THAT:- We have heard both the parties and note that if the assessee is entitled to take credit of TDS deducted on the interest on Fixed Deposit the same should be allowed to the assessee. Therefore, we direct the Assessing Officer to allow credit of TDS deducted on the interest on Fixed Deposit in accordance with law. In the result, ground raised by the assessee is allowed for statistical purposes.
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