Case Law Details
Facts of the case
These are the two appeals having the same issues in common. The Assessee is engaged in the business of running tent house and derives business profit, apart from income from property and agricultural income. During the assessment proceedings, AO observed that the amount of Rs.25,73,902 was deposited as cash on various dates in the bank account maintained with Andhra Bank and in the absence of any details and explanations for the sources of cash deposits, AO treated the entire cash deposits as unexplained income of the assessee and passed an ex-parte order u/s 144. Subsequently, a revised remand report was furnished indicating the contents/entries of one more bank account (Vijaya Bank, Sahebnagar Branch) which was not shown to the department. The AO had considered the deposits only in Andhra Bank account and not Vijaya Bank account. It was further pointed out that only before the CIT (A), assessee had mentioned about the Vijaya Bank account and had filed the details of the same.
Question of Law
Whether the Revenue was right in doing the Assessment without taking into consideration all the different bank accounts?
Contentions of the Assessee
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