2022 (4) TMI 622

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....ith total disregard to the facts and circumstances of the case." 2. Learned counsel for the assessee, at the very outset, invited my attention to a petition dated 09/02/2022 received by the assessee on 10/02/2022 wherein the assessee has taken an additional ground of appeal which he is stated that this is a legal ground and his coming out of the facts of the case therefore, in view of the judgment of Hon'ble Supreme Court in the case of NTPC, the same may be admitted and adjudicated first. Learned D. R. did not object to the admission of additional ground of appeal. The additional ground of appeal is reproduced below: "1. Because the authorities below have erred on facts and in law in invoking the provisions of section 69A and 115BBE....

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....essee submitted that learned CIT(A) has upheld the addition by holding that the old currency, which was discontinued, could not have been accepted by the assessee as part of the sales as the old currency did not remain legal tender after the demonetization on 09/11/2016. Learned counsel for the assessee further submitted that the only reason for sustaining this addition was that the assessee had accepted old currency and had credited the cash book with cash sales. Learned counsel for the assessee submitted that nowhere in his order, learned CIT(A) has denied that the sales were not made. Therefore, it was prayed that the appeal filed by the assessee may be allowed. 5. Learned D. R., on the other hand, submitted that the additional ground t....

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....red by him is not, in the opinion of the [Assessing Officer], satisfactory, the money and the value of the bullion, jewellery or other valuable article may be deemed to be the income of the assessee of such financial year." 6.1 The bare reading of above section states that where in any financial year the assessee is found to be the owner of any money, bullion, jewellery or other valuable article and such money, bullion, jewellery or valuable article is not recorded in the books of account, if any, maintained by him for any source of income, and the assessee offers no explanation about the nature and source of acquisition of the money, bullion, jewellery or other valuable article, or the explanation offered by him is not satisfactory in the....