TMI Blog2017 (2) TMI 291X X X X Extracts X X X X X X X X Extracts X X X X ..... MEHROTRA : ACCOUNTANT MEMBER AND SMT. BEENA A. PILLAI: JUDICIAL MEMBER Appellant by : Shri Suresh Bansal CA Shri Jitender Wadhwa CA Respondent by : Smt. Ritu Sharma Sr. DR O R D E R PER S.V. MEHROTRA, A.M: This is assessee s appeal against the order dated 20.12.2013 passed by the ld. CIT(A), Faridabad in appeal no. 317/2011-12, relating to AY 2009-10. 2. Grounds of appeal raised by the revenue are as under: 1) That the order of the Ld. CIT (A) Faridabad is bad in law and on facts. 2) That on the facts and in the circumstance of the case the appellant denies his liability to be assessed u/s 144 and consequently to pay tax on thereon. 3) That on the facts and in the circumstance of the case the Ld. C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... AO, the AO completed the assessment u/s 144. He noticed that assessee had not declared any sale declaring business gain of ₹ 1,59,044/-. He further observed that no details in this regard were furnished. He observed that the said transactions could not pertain to business since no regular trading pattern of business was reflected in the bank statement but only lump sum deposits and payments were there. He, accordingly, made addition of ₹ 65,42,800/-. 4. Before ld. CIT(A), the assessee filed additional evidence under Rule 46A, which was forwarded to AO for examination, both with regard to the admissibility of additional evidence and the merit of additions made in the light of additional evidence, submitted by the assessee. AO ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... time withdrew cash of ₹ 64,04,556/- during the relevant assessment year. Deposits were primarily from withdrawal from bank, sale proceeds and realization debtors. Assessee had not maintained any books of a/c. 6. Now the issue is whether entire deposits in the bank could be assessed to tax, disregarding the amounts withdrawn by assessee or not. Admittedly, neither any other source of income has been pointed out by AO nor any investment out of withdrawals from bank has been shown. Under such circumstances, assessee s explanation that both the bank accounts were in relation to its business, cannot be doubted. In our opinion, the peak surrendered by assessee should have been accepted by lower revenue authorities, in the absence of boo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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