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TMI Blog2017 (3) TMI 384X X X X Extracts X X X X X X X X Extracts X X X X ..... making addition of Rs. 20,13,530/- on account of Unexplained Money u/s.69A of The Income Tax Act, 1961. 2. Both the lower authorities have passed the orders without properly appreciating the fact and that they further erred in grossly ignoring various submissions, explanations and information submitted by the4 appellant from time to time which ought to have been considered before passing the impugned order. This action of the lower authorities is in clear breach of law and Principles of Natural Justice and therefore deserves to b e quashed. 3. The ld.CIT(A) has erred in law and on facts in confirming the action of ld.AO in charging interest u/s.234B/C/D of the Act. 4. The ld.CIT(A) has erred in law and on facts in confirming the actio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... u/s. 69A. 5. Appellant filed his written submissions in which he argued that "I. Assessee's account is small and easy to maintain and do not involve complexity of any kind, so assessee normally maintains his accounts by hiring part time accountant at the end of the year. In case of assessment year 2008-09 assessee maintained the accounts in the same way. When his case was selected for scrutiny and notice for the same was received by the assessee, he sent it directly to the accountant as he was not able to understand technical matters of the paper from I. T. Department and also ignorant of how to deal with the case. Whenever any notice-came from I.T. department he used to send it to the hired accountant. He has trust on the accounta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /2010, The respected Assessing Officer has considered the cash deposits of Rs. 20,73,530/- as investments in bonds/debenture. Copy of Kotak Mahindra Bank statement for the year 2007-08 is enclosed herewith as per annexure B. Bank statement in original is also provided herewith for your kind perusal. 4. As per Point No. 5 & 6 of Assessment Order u/s 144 dated 16/12/2010, The respected Assessing Officer has disallowed Dalali Exp, Telephone Exp, Petrol Exp, and Shop exp of Rs. 5004/-, 8410/-, 2552/-, 2450/- and 2887/- respectively. These are the routine expenses of the business claimed in IT return. We will provide vouchers/supporting documents for the same whenever asked by the respected assessing officer for kind perusal. 5. Any other pa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ther before AO or the undersigned. No books of accounts were produced either before AO or the undersigned. It appears that no books of account have been maintained by the appellant. If the cash deposits are in respect of the sale transactions, then the assessee should have provided names and addresses of at least few parties from whom the cash was received. But no name or address has been furnished even in a single case. In such a situation, AO has rightly concluded that the total deposits of Rs. 20,13,530/- represent unexplained money u/s. 69A of the I.T. Act. Addition of Rs. 20,13,530/- made by AO is justified in such a situation and the same is confirmed. Ground No.1 of the appeal is dismissed." 6. A perusal of the extract noted above ..... X X X X Extracts X X X X X X X X Extracts X X X X
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