SHRI ASHOK KESHAVRAO THUBE,NASHIK vs. INCOME TAX OFFICER, WARD-2(4), NASHIK, NASHIK

This is an appeal filed by the assessee directed against the order of the National Faceless Appeal Centre, Delhi [‘NFAC’] dated 14.03.2023 for the assessment year 2012-13.

Briefly, the facts of the case are that the appellant is an individual. No regular Return of Income for the assessment year 2012-13 was filed by the assessee. However, the Assessing Officer Rs.37,55,630/- in the bank account with Dena Bank, Deolali Camp, Nashik, issued a notice u/s 148 of the Income Tax Act, 1961 (‘the Act’) on 30.03.2019. In response to the notice u/s 148, the appellant had filed the return of income on 13.11.2019 disclosing returned income of Rs.3,35,124/-. Against the said return of income, the assessment was completed by the Income Tax Officer, Ward-2(4), Nashik (‘the Assessing Officer’) vide order dated 26.12.2019 passed u/s 147 r.w.s. 143(3) of the Act at a total income of Rs.40,90,754/-. While doing so, the Assessing Officer made addition on account of cash deposits in the bank account of Rs.37,55,630/- rejecting the explanation of the assessee that the cash deposits were made out of the business receipt from the business of sale of stone metal and truck plying. The Assessing Officer had disbelieved that the appellant was carrying on the business of sale of stone metal and truck plying. According to the Assessing Officer, the appellant had failed to prove that the appellant was carrying on the above businesses by leading necessary evidence.