TMI Blog2023 (10) TMI 767X X X X Extracts X X X X X X X X Extracts X X X X ..... th bank accounts it cannot be conclusively determined that the deposit made in the SBI account has been declared by the assessee as his turnover. Accordingly, when the frequent deposits and withdrawal transactions are made in the Saving Bank Account throughout the year and almost nil balance was available as on 31.03.2012 then the deposit in the Saving Bank Account in our considered view represents turnover of the assessee. Since the assessee has not disclosed this bank account in the return of income, therefore, deposit in the saving bank account is considered as undisclosed turnover and GP rate on the said turnover would be added to the total income of the assessee instead of the entire deposit. Accordingly, the AO is directed to ad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... found to be the owner of any money, bullion, jewellery or other valuable article and such money, bullion, jewellery or valuable article is not recorded in the books of account, if any. maintained by him for any source of income, and the assessee offers no explanation about the nature and source of acquisition of the money, bullion, jewellery or other valuable article, or the explanation offered by him is not, in the opinion of the Income-tax Officer, satisfactory, the money and the value of the bullion, jewellery or other valuable article may be deemed to be the income of the assessee for such financial year. The bank account of State bank of India has been taken in books of account maintained and audited u/s 44AB of the Act. All the transa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e business of electronic goods. The assessee filed his return of income for the year under consideration on 28.08.2021 declaring total income of Rs. 4,07,010/-. Subsequently, the assessment was reopened vide notice u/s 148 of the Act after recording the reasons for reopening of the assessment dated 15.03.2019 to assess the income escaped from assessment on account of cash deposit in the Saving Bank Account of the assessee to the tune of Rs. 16,13,020/-. The assessee explained the source of deposit as turnover of his business of electronic goods however, the AO refused to accept the explanation on the ground that the assessee has shown the sales in the bank account with Oriental Bank of Commerce (OBC) whereas the deposit in question has been ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hich was not in case with the Oriental Bank of Commerce. The assessee has declared the turnover which includes the deposit in the Saving Bank Account with SBI, books of account of the assessee were duly audited as per the provisions of section 44AB of the Act without any qualification. The entire banking transaction as getting reflected in the saving Bank account with SBI have been duly taken into consideration by the assessee and are recorded in the regular books of account of his proprietorship concern. The assessee offered the tax on the entire sales turnover and therefore the addition made by the AO is not justified and further its amounts to double taxation of the same amount. The assessee has shown the total sales of Rs. 2,24,00,358/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mitted that the AO has clearly given finding that from the perusal of the balance sheet it is seen that the assessee has not disclosed his SBI Account, therefore, the claim of the assessee that said cash deposit of Rs. 16,13,020/- was from sales of electronic goods and recorded in the cash book is not correct. The assessee was required to explain each and every credit and debit entry in his Saving Bank Account and how they incorporated in his books of account. The assessee has failed to explain the source of the cash deposit as well as the same is recorded in the books of account. Therefore, the AO has rightly treated the said amount as unaccounted cash. He has relied upon the order of the authorities below. 5. We have considered the riv ..... X X X X Extracts X X X X X X X X Extracts X X X X
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