9911796707
TMI Blog2022 (8) TMI 907X X X X Extracts X X X X X X X X Extracts X X X X ..... Dharapuram. As per information available on AIMS Module of ITBA, the Assessing Officer noticed that during the period of demonetization from 09.11.2016 to 30.12.2016, the assessee has made various deposits in various bank accounts. The assessee has not filed his return of income for the assessment year 2017-18. Therefore, the Assessing Officer issued notice under section 142(1) of the Income Tax Act, 1961 ["Act" in short] dated 13.03.2018 requesting the assessee to file return of income for the assessment year 2017-18. However, the assessee has failed to comply with the notice under section 142(1) of the Act and he has not filed regular return of income as per the provision of section 139 of the Act. Subsequently, the assessee has filed a r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0/- in ICICI Bank and Rs. 2,30,500/- in Canara Bank) of the assessee were treated as unexplained income/money belong to the assessee and added under section 69A of the Act. The total credits in the assessee's bank account (current accounts alone) was Rs. 38,06,199/- including deposit of Rs. 5,34,000/- during demonetization period. The difference of total credits in the current accounts of Rs. 38,06,199/- and total cash deposit during demonetization period in the current accounts of Rs. 5,34,000/- was equal to Rs. 32,72,099/-. Accordingly, the business turnover of the assessee was estimated as Rs. 32,72,009/- for the assessment year 2017-18 and total income from the business was arrived at Rs. 2,61,768/- being 8% of Rs. 32,72,099/-. In v ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssation of Liabilities) Act, 2017. However, the Assessing Officer was of the opinion that the assessee has been doing furniture business which does not fall under the exemption category as given by the board such as petrol bunk, hospital, medical shop, Airtel recharge, etc. 6. In this case, admittedly, the assessee has neither filed regular return of income under section 139 of the Act for the assessment year 2017-18 nor furnished complete details in response to various notices issued by the Assessing Officer. Moreover, there was no response to the notices issued by the Ld. CIT(A) also or furnished any explanation/reply and thus, the Ld. CIT(A) confirmed the assessment order. In view of the above, we are of the considered opinion that the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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