9911796707
TMI Blog2022 (7) TMI 592X X X X Extracts X X X X X X X X Extracts X X X X ..... 1961 (hereinafter referred as 'the Act') by the ld. Assessing Officer, Assistant Commissioner of Income Tax, Wad-34(3), New Delhi (hereinafter referred as the Ld. AO). 2. The facts in brief are that Assessee filed return of income of Rs. 10,32,460/- which was processed u/s 143(1) of the Act and later selected for scrutiny and notice u/s 143(2) of the Act was issued on 25.09.2012. The Assessee is engaged in the business of monitoring and maintenance of advertising panels. It was found that there was deposit of cash of Rs. 62,09,900/- in Saving Account maintained with Citizen co-operative Bank Ltd, Noida and the Assessee failed to explain the source of cash deposit. The same was considered unexplained income from undisclosed source. The ld A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ,09,900/- made by the AO on account of unexplained cash deposit. 2. The Ld. CIT(A) has erred in making a further addition of Rs. 16,82,836/- without giving any show cause notice for the enhancement of income . 3. The Ld. CIT (A) has erred in confirming the addition of Rs.4,20,000/- made by assessing officer on account of disallowance of expenses being 10% of the total expenses of Rs. 41,99,214.. 4. The order of the Ld. CIT is against law and facts of the case. 5. Heard the perused the records. The finding ground-wise is as below. 6. Ground No. 1: in regard to this ground it was submitted on behalf of the Assessee that the ld CIT(A) has failed to appreciate that Rs. 11,01,371/- was also confirmed by the persons who had given the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... builders. Therefore, the deposits can be treated to be explained only to the extent of amount confirmed by the builders i.e. Rs. 51,19,693/-. The confirmations have not been received from M/s. Gaursons Hi- Tech Infrastructure Pvt. Ltd. and Supertech Ltd. These facts & discrepancies have been confronted to the appellant but he has neither furnished the reconciliation nor made any efforts to obtain the confirmations from the builders or the buyers in respect of the payment of amount to these two builders." 8 The Bench is of considered opinion that where the Assessee claims to be inter-mediatory between the investors and the builders and some part of the admitted payments made by these investors were confirmed, then remaining amounts not co ..... X X X X Extracts X X X X X X X X Extracts X X X X
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