This appeal by the assessee emanates from the order passed under section 250 of the Income-tax Act, 1961 (in short, ‘the Act’), dated 30.05.2024 by the Commissioner of Income-tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi [in short, ‘CIT(A)’] for the assessment year (AY) 2017-18.

2. The grounds of appeal raised by the assessee are as under:

“1) Based on the facts and circumstances of the case as well as law on the subject, both lower authorities erred in making an addition of Rs.44,61,237/- on account of gifts received by the appellant and treating the same as unexplained cash credit u/s.

68 of the Income Tax Act, 1961.

2) Based on the facts of the case, both lower authorities erred in taxing the gifts to the tune of Rs.42,61,237/-which were received in earlier assessment years u/s 68 of the Act.

3) Based on the facts and circumstances of the case as well as law on the subject, the both lower authorities erred in making an addition of Rs.14,05,000/- on account of commission/ dalali income received by the Appellant and treating the same as unexplained cash credits u/s. 68 of the Income Tax Act. 1961

4) Based on the facts and circumstances of the case as well as law on the su