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Income Tax Appellate Tribunal, KOLKATA,
Before: Shri Sanjay Garg
आदेश /O R D E R The present appeal has been preferred by the assessee against the order dated 29th November, 2019 of the Commissioner of Income Tax (Appeals), 10, Kolkata [hereinafter referred to as ‘CIT(A)’]. 2. No one appeared on behalf of the assessee despite service of notice. It is further observed from the very date of filing of the present appeal no one has appeared on behalf of the assessee. In view of this, I proceed to decide the appeal ex parte qua the assessee after hearing the Ld. DR.
The assessee in this appeal has taken the following grounds of appeal :-
1. For that the learned CIT (Appeals) erred in upholding undisclosed income u/ s 68 of income tax Act. This addition is unjustified and uncalled for and hence the same be deleted.
Sri Amarjit Singh Page 2 2. For that the learned CIT (Appeals) erred in relying in irrelevant that the amount is cash transaction. All transaction are Bank transaction transferred from saving bank account of the Assessee to its current bank account of the Assessee and also current bank account of the Asseessee to the saving bank account of the Asseessee 3. The learned CIT (Appeal) has in its order mention about demonetization period of 8th November to 31st December 2016 but our financial year is 1st April 2014 to 31st March 2015 which much earlier and not related to that period.
The learned A.O. was provided with list of sundry debtors and sundry creditors and it was verified by A.O. sending notice ujs133(6) so the contention of learned CIT (Appeal) is not correct.
The appellant craves leave to press new, additional grounds of appeal
or modify, withdraw any of the above grounds at the time of hearing of the appeal.
4. The sole issue in this appeal through the above grounds of appeal is relating to addition of Rs. 13.67 lakhs made by the Learned Assessing Officer ( in short, the Ld. AO) into the income of the assessee on account of unexplained credits in the saving bank account of the assessee.
5. During the assessment proceedings, the Ld. AO, inter-alia noticed that certain amounts were credited into current account of the assessee, the aggregate of which was more than the entire figure of sales turnover of the assessee. The assessee submitted his explanation in this respect. However, the Ld. AO noticed that the amount of Rs.13.67 lakhs was credited from the saving bank account of the assessee to his current account. That, the assessee could not disclose source of deposit of aforesaid amount of Rs. 13.67 lakhs in his saving bank account. He, therefore, treated the said amount as income from undisclosed source and added the same into the income of the assessee u/s. 68 of the Income-tax Act, 1961 (hereinafter, referred to as the ‘Act’) . The Ld. CIT(A) confirmed the addition so made by the Ld. AO.
6. I have heard the Learned Departmental Representative ( in short, the Ld. DR) and have also gone through the record. The main contention of the assessee as stated in the statements of facts as well as grounds of appeal is that’s the assessee has one current account and one saving bank account. It has been pleaded that amount of Rs. 16.69 lakhs was earlier transferred from the current account of the assessee to the