TaxTMI 
TaxTMI 
2022 (3) TMI 896
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....ed 14.09.2020 u/s 143(3) of the Income Tax Act, 1961 (in short 'Act') for the Assessment Year (A.Y.) 2017-18 and the cross objections are filed by the assessee. The revenue raised the following grounds of appeal : 1. The order of the ld. CIT (A) is erroneous both on facts and in law. 2. The Ld.CIT (A) erred in holding that section 69 does not apply to sale of shares when it is resulting in increase of capital of the assessee in the form of exempted income which is nothing but explained investment. 3. The Ld. CIT (A) erred in accepting the cash sales shown by the assessee dafter 08/11/2016 in demonetised currency when the business of the assessee is not among persons permitted to accept demonetised cash after 08/11....
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....07.11.2017 admitting total income of Rs. 13,62,040/-. The case was taken up for scrutiny and statutory notices were issued to the assessee. In response to the notice, the assessee has not responded properly and in the absence of detailed reply, the AO assessed the total income of the assessee at Rs. 1,51,26,623/-. 3. Aggrieved by the order of the AO, the assessee filed appeal before the CIT(A). The Ld.CIT(A) considering the evidences produced by the assessee deleted the additions made by the AO. 4. Aggrieved by the order of the Ld.CIT(A), the revenue is in appeal before us. The Ld.DR referred to page No.5, para No.6.1.2 of the order of the Ld.CIT(A) stating that the documents were not submitted by the assessee and the AO has not verif....
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....sh deposited in the bank are liable to be treated as unexplained money u/s 69 of the Act. 8. On the other hand, the Ld.AR argued that since the assessee had cash balance as on the date of demonetisation i.e. on 10.11.2016, provisions of section 69A cannot be applied. 9. We have heard both the parties and perused all the documents on record. We find that there was sufficient cash balance with the assessee as detailed in page No.30 of the paper book. The Specified Bank Notes (Cessation of Liabilities) Act, 2017, defines "appointed day" vide Section 2(1)(a). As per Section 2(1)(a), "appointed day" means the 31st Day of December 2016. Section 5 of the Specified Bank Notes (Cessation of Liabilities) Act, 2017 also deals with prohibition on....
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.... before the Ld.CIT(A) only documents to substantiate the claim of assessee. The Ld.AR also argued that no additional evidence were adduced before the Ld.CIT(A). 12. We find from the Assessment Order that the AO has provided various opportunities to the assessee to explain the details of share transactions and provide documents in support of his claim, wherein, the assessee failed to produce any cogent evidence and information in support of his claim. However, the assessee produced documents before the Ld.CIT(A). That being the position, the Ld.CIT(A) must have remitted the matter back to AO for examination by applying the provisions of Rule 46A. However we find merit in the argument of the Ld.AR, that no additional evidence produced befo....