TMI Blog2020 (11) TMI 909X X X X Extracts X X X X X X X X Extracts X X X X ..... acs. We accordingly direct the AO to delete the impugned addition. The appeal filed by the assessee is allowed. - ITA No. 9631/Del/2019 - - - Dated:- 27-11-2020 - Shri N.K. Billaiya, Accountant Member And Ms. Madhumita Roy, Judicial Member For the Assessee : Shri R.S. Singhvi, CA, Shri Satyajeet Goel, CA For the Department : Shri Ved Prakash Mishra, Sr. DR ORDER PER N.K. BILLAIYA, AM This appeal by the assessee is preferred against the order of the CIT(A)-37, New Delhi dated 30.10.2019 pertaining to assessment year 2011-12. The grievance of assessee read as under : 1(i) That on facts and circumstances of the case, the Ld. CIT(A) was not justified in upholding the validity of notice u/s 148 of the act even ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s 69A. (iii) That these evidences have direct bearing to the issue in dispute and the CIT(A) should have appreciated the same in interest of justice and proper adjudication of ground. 4. That in any case, AO CIT(A) having accepted the returned income on the basis of which entire cash deposit is corroborated, there is no ground or basis for further addition of ₹ 10,00,000/- which is already part of declared turnover. 2. The representatives of both the sides were heard at length. Case records carefully perused. At the very outset the Counsel for the assessee stated that he has not pressed ground No. 1 with all its sub grounds and accordingly ground No. 1 with its sub ground is dismissed as not pressed. 3. The othe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oing this business since past many years and therefore had sufficient funds to explain the source of cash deposit. Per contra the DR strongly supported the findings of the lower authorities. After giving a thoughtful consideration to the orders of the authorities below we are of the considered view that once the business of the assessee has been accepted by the AO by accepting her return of income there should not be any doubt in accepting the source of cash deposit. On identical set of facts the coordinate bench in ITA No. 8197/D/2019 order dated 22.10.2020 held as under :- 7. We have heard the rival submissions and also perused the relevant finding given in the impugned order and the material referred to before us at the time of hear ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uch entries are appearing all throughout the year on various dates. Payment of VAT does indicate purchase and sale of some goods, items or services. All these factors thus, go to show that some kind of business activity was carried out by the assessee. If the assessee had shown income u/s.44AD which is presumptive basis for taxation and looking to the nature of bank account entries and regular cash deposits and withdrawals this shows that assessee was doing some kind of business activities and preponderance of probabilities for such activities is definitely goes in favour of the assessee. Moreover, the Assessing Officer has tacitly accepted the business income by accepting the return of income from the same deposits of sums aggregating ..... X X X X Extracts X X X X X X X X Extracts X X X X
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