2017 (9) TMI 1848

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..... AR Respondent by : Shri James Kurian, Sr. D.R. ORDER N.K. Billaiya, 1. ITA Nos. 712/Ahd/2015 & 992/Ahd/2016 are two separate appeals by the Assessee preferred against two separate orders of the Ld. CIT(A)-10 & ld. CIT(A)-5, Ahmedabad dated 09.01.2015 & 28.03.2015 pertaining to A.Ys. 2011-12 & 2012-13 respectively. 2. As facts in issue are common in both these appeals, they were heard tog .....

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..... uirements of the firm at times money had to be raised through unsecured loan in cash. It was further explained that the money so raised was immediately transferred to the firm to meet out the payment commitment. It was further contended that the cash deposited in the Savings Bank account remained to be included in the gross receipts of the firm. This explanation of the assessee was found to be wit .....

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..... he A.O. 9. There is no dispute that Rs. 39,00,300/- was found to be deposited in the Savings Bank account with Induslnd Bank in A.Y. 2011-12 and Rs. 13,10,400/- was found to be deposited in A.Y. 2012-13. It is equally true that the explanation of the assessee is without any substance. However, at the same time, on perusing the ledger account of Induslnd Bank, we find that whenever the cash was d .....

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