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Income Tax Appellate Tribunal, AGRA BENCH ‘SMC’ AGRA
Before: SHRI SUNIL KUMAR SINGH & SHRI BRAJESH KUMAR SINGH
the assessment order. No compliance was made during the assessment proceedings. Further, during the assessment proceedings, it was noticed by the Assessing Officer that the assessee had made cash deposits of Rs.95,21,200/- and there were other credit entries appearing in the bank account amounting to Rs.36,01,2019/- totalling to Rs.1,31,22,419/-. The Assessing Officer treated the cash deposits of Rs.19,62,500/- during the demonetization period as unexplained money u/s 69 r.w.s. 115BBE of the Act. In respect of balance credit entries amounting to Rs.1,11,59,919/-, (Rs.1,31,22,419/- - Rs.19,62,500/-) the Assessing Officer treated an amount equal to 8% of total credits as net profit and added a sum of Rs.8,92,794/-to the total income of the assessee. The Ld. CIT(A) dismissed the appeal ex-parte of the assessee.
Ground No.3 raised in is similar to ground no.3 raised in decided by us in earlier part of this order. Therefore, our above decision would apply mutatis-mutandis to this ground of the appeal. Accordingly, the grounds raised by the assessee are allowed for statistical purpose.
Finally, both appeals of the assessee are allowed for statistical purpose.
Order pronounced in the open court on 2nd April, 2025.