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Income Tax Appellate Tribunal, “SMC” BENCH KOLKATA
Before: Shri Sanjay Garg & Shri Girish Agrawal
order : April 19, 2023 आदेश / ORDER संजय गग�, �या�यक सद�य �वारा / Per Sanjay Garg, Judicial Member: The present appeal has been preferred by the assessee against the order dated 08.07.2022 of the National Faceless Appeal Centre [hereinafter referred to as ‘CIT(A)’] passed u/s 250 of the Income Tax Act (hereinafter referred to as the ‘Act’).
The assessee is aggrieved by the action of the lower authorities in making addition in respect of certain deposits found in the bank account of the assessee.
The assessee explained that the said deposits were out of business transaction of the assessee i.e. out of purchases and sale made during the year. The Assessing Officer compared purchases vis- a-vis deposits in the bank account and added the difference as unexplained income of the assessee.