9911796707
TMI Blog2023 (4) TMI 269X X X X Extracts X X X X X X X X Extracts X X X X ..... r, AM: This is the appeal preferred by the assessee against the order of the Ld. Commissioner of Income Tax (Appeals)-NFAC, Delhi (hereinafter referred to as the Ld. CIT(A)"] dated 22.09.2022 for the AY 2017-18. 2. The only issue raised by the assessee is against the confirmation of addition of Rs. 20,10,000/- by the Ld. CIT(A) which was made by the AO on account of cash deposits into various ba ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssued u/s 133(6) of the Act directing to furnished the account statements for the above period. The AO observed that the assessee has deposited Rs. 20,10,000/- in these accounts during the demonetization period i.e. from 9.11.2016 to 31.12.2016 the details whereof are given at page no. 1 and 2 of the assessment order and added the same to the income of the assessee u/s 69A of the Act. 4. The Ld. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d as under: During the year the assessee has made turnover of Rs. 73,01,166/- from the proprietary business and was also having income by way of interest and LPG subsidy of Rs. 18,934/-. These facts are not in dispute.The assessee calculated his income on presumptive basis u/s 44AD of the Act and offered net profit of Rs. 6,79,974/- from bsuiness. The assessee offered total income of Rs. 6,98,908 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he authorities below that the cash deposits were out of cash sales and realization from the sundry debtors from the proprietary business carried on by the assessee for which the license has been issued by the Municipal Corporation, Deorali, Sikkim. If we consider the quantum of cash deposits into bank accounts of the assessee and the quantum of the business of the assessee, then the explanation of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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