IN THE ITAT, INDORE BENCH
KUL BHARAT, J.M. & MANISH BORAD, A.M.
Dwarka Prasad Tayal v. ITO
I.T.A Nos. 284, 334/Ind/2018
13 October, 2020
Appellant by: Ashima Gupta
Respondent by: S.N. Agrawal, CA
The above captioned appeals filed at the instances of the assessee and revenue pertaining to assessment year 2011-12 are directed against the order of learned Commissioner (Appeals)-II (in short 'Ld. CIT(A)'], Indore dated 15-1-2018 which is arising out of the order under section 143(3) of the Income Tax Act, 1961 (in short the 'Act') dated 7-7-2014 framed by ITO, Khargone.
2. Brief facts relating to this issue are that the assessee is an individual engaged in the business of cotton trading and ginning and running two proprietorship concerns namely M/s. Monika Trading Co. & M/s. White Gold Enterprises. Return of income was filed on 20-9-2011 for assessment year 2011-12 declaring income of Rs. 5,80,310. The return was processed under section 143(1). This case was manually selected for scrutiny and notice under section 143(2) dated 24-9-2012 was served upon the assessee followed by questionnaire under section 142(1)(ii) dated 15-1-2013. The appellant assessee maintained 19 [Nineteen] bank accounts, out of that 14 [Fourteen] bank accounts were incorporated in the regular books of account. However, following five bank accounts remains to be incorporated in the regular books of account :--