ITO Vs. RAKESH

JUDGEMENT

(1.) THIS appeal filed by the Revenue is directed against the order of ld. CIT(A) -XXIV, New Delhi dated 24/05/2013 for A.Y. 2009 -10.

(2.) THE assessee had filed return of income declaring total income at Rs. 2,64,363/ - from sale of bricks, badarpur cement and iron. An AIR information was received by Assessing Officer that the assessee had deposited cash totaling to Rs. 1,11,79,988/ - in account with Axis Bank Ltd. and credit card payments of Rs. 4,76,780/ - were made with ICICI Bank Ltd. In course of assessment proceedings the assessee filed copy of profit and loss account and balance sheet and affidavit from Shri Randhir Singh that he had gifted amount of Rs. 24 lakhs to assessee.

(3.) BEING aggrieved with the order of ld. CIT(A) the Department is in appeal before us and has taken following grounds of appeal: