TaxTMI 
TaxTMI 
2022 (7) TMI 428
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.... U/s. 144 r.w.s. 250(6) of the Act for the AY 2017-18. The assessee has raised the Cross Objection. 2. Brief facts of the case are that the assessee is a dealer in automobiles. The assessee has made substantial cash deposits during the demonetization period and subsequently a notice U/s. 142(1) was issued on the assessee on 23/11/2007. Since the assessee did not respond, a letter dated 29/04/2019 was issued u/s. 142(1) of the Act calling for information which was served on the assessee on 7/5/2019. Consequently, notice U/s. 133(6) was also issued to the concerned bank requesting to furnish the bank account(s) statement and the KYC particulars of the assessee. A final show cause notice U/s. 142(1) of the Act was issued on 19/9/2019. The A....
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.... additional evidences produced by the assessee in deciding the appeal, without giving an opportunity to the AO to examine the same as mandated under Rule 46A of the IT Rules, 1962. 4. The Ld. CIT(A) ought to have appreciated the fact that the assessee has not substantiated its claim regarding cash deposits appearing in Axis Bank account in respect of which addition of Rs. 71,41,540/- was made towards unexplained money u/s. 69A of the Act. 5. The Ld. CIT(A) ought to have appreciated the fact that assessee had not substantiated its claim regarding receipts appearing in Form 26AS appearing with PAN: ACVFS 5183 P in respect of which addition was made towards "income from other sources". 6. Any other ground(s) that may....
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....)". The balance amount of Rs. 6,77,827/- has been received from the customers towards registration charges, insurance etc for vehicles and to that extent it does not take the character of income and it is only a reimbursement of expenditure payable to various authorities for registration of the vehicle. The Ld. AR also submitted that the other income of Rs. 1,24,362/- has been tagged with PAN: ACVFS5183P has been duly disclosed in the P & L Account under the head "other income". Therefore, the Ld. AR pleaded that there is no misrepresentation in the income and hence the order of the Ld. CIT(A) to be upheld. 7. We have heard the rival submissions and carefully perused the material available on record and the orders of the authorities belo....
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.... undersigned for AY 2017-18 in your case: Books of account/documents to be produced a Books of account, cash book, ledger, bank book, purchases & Sales register etc., if any for AY 2017-18. b Statements of all bank account(s) for the period from 1/4/2016 to 31/3/2017. c A note on sources for cash deposits made during 9/11/2016 to 30/12/2016, during the previous year relevant to AY 2017-18 and also the deposits other than cash, with necessary documentary evidence. d Copy of IT return filed, if any, for AY 2016-17 along with P&L Account, Balance sheet with annexure and audit report. Further, it is requested to furnish the above information through e-proceedings within ten days from the date of receipt....
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....e arguments of the Ld. AR that the cash deposits are made out of the cash sales of the assessee and have been duly recorded in the books of account and reflected in the P & L Account of the assessee submitted before the Ld. Revenue Authorities. We also find merit in the arguments of the Ld. AR that considering the peculiar circumstances to this business cash being received by the dealer in automobiles for making payments to various authorities such as registration charges, insurance, life tax etc., The cash is collected from the customers as reimbursements and hence it does not form part of the revenue of the assessee. We also note that from the paper book submitted by the Ld. AR that the Account Number has been typographically wrongly ment....