Dinesh Kumar Verma, the assessee’s appeal has been allowed as the impugned order is set aside for AY 2014-15.

IN THE INCOME TAX APPELLATE TRIBUNAL
MUMBAI BENCH “SMC”, MUMBAI

BEFORE SHRI VIKAS AWASTHY, JUDICIAL MEMBER
1183/2019(2014-15)
ITA NO. 1183/MUM/2019 (A.Y.2014-15)

Dineshkumar Verma,
102, Sai Aashram Apartment,
2nd Floor, Tejumal Chaki Road,
Nr. Sadhubela School, Ulhasnagar,
Tahane 421 001
PAN : ACMPV 7468B
Appellant

Vs.

ITO,Ward -2(1),
2nd Floor, Mohan Plaza, Wayale Nagar,
Near Khadakpada Circle,
Kalyan (W) 421 301. 
Respondent

Assessee by : Shri Tanmay Phadke
Revenue by : Ms. Smita Verma

Date of Hearing : 04/11/2020
Date of Pronouncement : 28 /12/2020

 ORDER

This appeal by the assessee is directed against the order ofCommissioner of Income Tax (Appeals)-3, Thane (in short ‘the CIT(A)’) dated 18/09/2018 for the assessment year 2014-15.

2. Shri Tanmay Phadke, appearing on behalf of the assessee submitted that the assessee an individual is a contractor of wood, tiles and marble works. Thegross receipts of the assessee from contract work during the period relevant to the assessment year under appeal is Rs.16,00,000/-. The assessee filed hisreturn of income under section 44AD and hence, did not maintain books of account. In scrutiny assessment proceedings the Assessing Officer on the basis of AIR report observed that there were cash deposits amounting to Rs.11,20,000/- in the bank account of assessee maintained with Bank of India.The Assessing Officer issued show cause notice to explain the deposits. The assessee vide letter dated 13/05/2016 explained that the deposits were madefrom savings of earlier years from wood/tiles contract work and supply of building material. Explaining the reason for deposit of cash in bank account the assessee submitted that the assessee had purchased land at Dehu Road for Rs.12,00,000/-. Since payment for purchase of land was to be made urgently, the assessee deposited cash in his bank account.

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