NEMICHAND,AGRA vs. INCOME TAX OFFICER WARD 2(1)(3), AGRA

Aforesaid appeals by assessee for Assessment Years (AY) 2011- 12 & 2012-13 arises out of separate orders of learned first appellate authority. First we take up appeal for AY 2011-12 which arises out of an order passed by learned Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi [CIT(A)] on 05-04- 2024 in the matter of an assessment framed by Ld. Assessing Officer [AO] on best judgment basis u/s 144 r.w.s. 147 of the Act on 17-12- 2018. Having heard rival submissions, the appeal is disposed-off as under. The sole grievance of the assessee is confirmation of addition of cash deposit for Rs.12.08 Lacs.

During assessment proceedings, it transpired that the assessee deposited cash of Rs.12.08 Lacs in its bank accounts. In the absence of any reply as forthcoming from the assessee, Ld. AO added the same to the income of the assessee.

During appellate proceedings, it was submitted by the assessee that it derived income from agricultural activities and trading of fertilizers. It was stated that the assessee and his family members owned agricultural land and the assessee declared agricultural income of Rs.3.05 Lacs and also declared business income of Rs.1.52 Lacs from sale of fertilizers. The deposits were stated to be sourced out of these receipts. However, Ld. CIT(A) rejected the submissions for want of requisite documentary evidences. Aggrieved, the assessee is in further appeal before us.