TMI Blog2018 (4) TMI 1567X X X X Extracts X X X X X X X X Extracts X X X X ..... rected to furnish the necessary evidence to AO, who should verify and allow the claim as per the provisions of law. This ground is considered allowed for statistical purposes. AO is directed accordingly. - I.T.A. No. 871/HYD/2016 - - - Dated:- 25-4-2018 - SMT. P. MADHAVI DEVI, JUDICIAL MEMBER AND SHRI B. RAMAKOTAIAH, ACCOUNTANT MEMBER For the Appellant : Shri K.A. Sai Prasad, AR For the Respondent : Smt. N. Swapna, DR ORDER PER B. RAMAKOTAIAH, A.M. : This is an appeal by assessee against partial confirmation of addition made by the Assessing Officer (AO), by the Ld. Commissioner of Income Tax (Appeals)-7, Hyderabad, vide order dated 20-01-2016. Condonation of delay: 2. Assessee filed this appeal with a d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eposits of cash are from the turnover of the assessee which is shown in the books of account. The assessee filed the Profit Loss account and balance sheet for the relevant period. The assessee also filed copy of statement of ICICI Bank account. It is seen that the turnover shown by the assessee is ₹ 59,65,817/- and the Bank account is shown in the Balance sheet. The total credits including the cash deposits in the account, excluding the entries for cheque returned, is ₹ 94.80 lacs. The credits to the extent of ₹ 59,65,817 is treated as explained as turnover and found in the books of accounts. For the balance credits, no explanation is offered by the assessee. In view of the above, the balance credits of ₹ 35,14,183 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e credits as unexplained . 6. We have considered the rival contentions and perused the statements placed on record and the case law relied upon. As seen from the order of the AO, the order was an ex-parte order, therefore assessee was not in a position to explain the nature of receipt. Before the Ld.CIT(A), necessary explanation was given. CIT(A) in his order has partly accepted the turnovers to the extent they are accounted for and the balance was treated as unexplained cash credit. Since the nature of receipts are pertaining to the contract works, it is not correct on the part of the authorities to bring to tax the entire receipt as income. As seen from the nature of deposits in the bank accounts, there were corresponding withdrawals ..... X X X X Extracts X X X X X X X X Extracts X X X X
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