TaxTMI 
TaxTMI 
TaxTMI 
2022 (4) TMI 1277
X X X X Extracts X X X X
X X X X Extracts X X X X
....ctrical equipments, products etc. The assessee filed his return of income for the A.Y. 2017-18 on 31.10.2017 declaring total income of Rs. 9,55,960/-. The case of the assessee was selected for scrutiny and thereafter assessment was framed under section 143(3) vide order dated 07.12.2019 and the total income of the assessee was determined at Rs. 47,55,460/-. 3. Aggrieved by the order of the A.O, assessee carried the matter in appeal before the Ld. CIT(A). The Ld. CIT(A) vide order dated 07.12.2021 in Appeal No..ITBA/ NFAC/S/250/2021-22/1037553518(1) granted relief to the extent of Rs. 3 lakhs and upheld the balance addition. 4. Aggrieved by the order of the Ld. CIT(A), the assessee is in appeal before the Tribunal and has raised the follow....
X X X X Extracts X X X X
X X X X Extracts X X X X
....pplication of section 69A of the Act on the addition is contrary to law and liable to be deleted. 4. That under the facts and in circumstances of the case, ld. CIT(A) has erred in law as much as in fact in upholding the levy of tax as per provisions of section 115BBE of the Act. The addition is not liable to be assessed as income from other sources as it represents sale of goods in the regular course of business having been made out of available stock in hand. 5. That under the facts and in circumstances of the case and in law Ld. CIT(A) has failed to appreciate that the addition made by the AO doesn't attract higher rate of taxation under Section 115 BBE of the Act as the rate is applicable with effect from 1-4-2017. Therefore, it ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ddition of Rs. 34,99,500/- that has been upheld by the Ld. CIT(A) out of the total addition of Rs. 37,99,500/- made by the A.O. 5.1. The A.O. in the assessment order has noted the copy of the AIR/CIB/26AS which was downloaded from the system, revealed that assessee had deposited cash of Rs. 37,99,500/- in his bank account maintained with Citi Bank, Connaught Place Branch, New Delhi during the demonetization period i.e., 08.11.2016 to 30.12.2016. During the course of assessment proceedings, assessee was asked to furnish the details of all the cash deposits appearing in the bank account and explain the source of cash deposits. To the query of the A.O, the assessee, inter alia, apart from various other submissions stated that the cash deposit....
X X X X Extracts X X X X
X X X X Extracts X X X X
....placed at page numbers 47 to 51 of the paper book and from the sales register he submitted that the sales register shows the details of the sales made along with VAT tax on such sale. He thereafter submitted that the total sales as reflected in the aforesaid sales register tallies with the VAT return for the relevant period filed with the Department of Trade and Tax, Government of Delhi and he pointed to the copy of the return filed which is placed at page-38 of the paper book and from the aforesaid he pointed to the turnover being matching with the sales register. He thereafter submitted that most of the sales have been made to identifiable parties, all the cash sales made have been declared in the VAT return. He thereafter on a sample bas....
X X X X Extracts X X X X
X X X X Extracts X X X X
....the details of cash sales made [a copy of which is placed in paper book] and it contains the details namely the date of sale, the voucher number, the name of the party, the amount of sales. It is also an undisputed fact that on the aforesaid sales, VAT as per the applicable rates has been paid by the assessee and the payment of VAT is also reflected in the VAT returns filed by the assessee with the Department of Trade and Tax, Government of Delhi. Before me, Revenue has not placed any material on record to demonstrate that the details of cash sales filed by the assessee are fictitious or bogus. Further, the Revenue has also not placed any material on record to demonstrate that the VAT return filed by the assessee before the Appropriate Auth....