TMI Blog2018 (5) TMI 1484X X X X Extracts X X X X X X X X Extracts X X X X ..... akotaiah, Accountant Member For the Revenue : Shri V. Rama Mohan, DR For the Assessee : None ORDER Per B. Ramakotaiah, A. M. This is an appeal by Revenue against the order of the Commissioner of Income Tax (Appeals)-Tirupati, dated 31-03-2017, treating the deposits made in the bank account as business turnover, whereas AO was of the opinion that these are unexplained income U/s. 68 of the Act. 2. Condonation: The appeal was filed with a delay of four days. It was explained that the charge was held as additional charge and there was a delay in getting authorization from CIT. Considering the affidavit filed by AO, the delay is condoned and appeal memo is admitted. 3. Briefly stated, assessee is deriving income from ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ppellant could not explain the sources for the above deposits, the AO made two additions as under: a) For cash deposits of ₹ 60,57,696/-, they were added as unexplained income U/s. 68. b) The balance amounts of ₹ 76,67,435/- are treated as gross contractual receipts and income is estimated U/s. 44AD at ₹ 6,13,395/-. 4.2. Several opportunities were issued to the appellant, but appellant chose not to appear. Accordingly, the appeal is disposed off based on the facts and merits. 4.3. Firstly, it is seen from the assessment record that the said bank account contain several debits and credits. Even the account where ₹ 40,84,500/- cash is deposited, thee were several withdrawals in cash regularly. No pe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the rights of assessee, if at all any appeal is preferred and pending, the present appeal is heard ex-parte-respondent. 6. After considering the submissions of the DR, we find no reason to interfere with the order of the Ld.CIT(A). There is no reason why the cash deposits should be assessed U/s. 68 when cheque deposits were accepted as business turnover. We find the reason given by the Ld.CIT(A) in treating the entire amount as turnover is reasonable on the facts of the case. Moreover, income is also estimated as assessee has not co-operated in the proceedings. Since assessee is involved in transport business and income was determined at 10% as against 6% of the AO, we have no option than to confirm the order of CIT(A) in the appeal of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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