2022 (10) TMI 389

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....partment : Ms. Naina Krishnakumar ORDER The assessee has filed this appeal challenging the order dated 31.8.2021 passed by learned CIT(A)-National Faceless Appeal Centre, Delhi and it relates to A.Y. 2017-18. 2. The assessee is aggrieved by the decision of learned CIT(A) in confirming the addition of Rs. 45 lakhs relating to cash deposit made into the bank account during demonetization pe....

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....t the assessee has failed to prove cash deposits made by it during demonetization period. Accordingly, he treated the cash deposits of Rs. 45 lakhs as unexplained cash deposit and assessed the same as income of the assessee under section 68 of the Act. The Learned CIT(A) also confirmed the same. 4. I have heard the parties and perused the record. The facts that the deposit made into the bank ac....

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....ount collected from customers, the sales bill raised against them etc., have been duly recorded in the books of account. The impugned deposits have been made from cash balance available with books of account. I also notice that the Assessing Officer has not rejected the books of account. When cash deposits have been made from the cash balance available in the books of account, in my view, there is....

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....e for making any addition under section 68 of the Act in respect of deposits made into the bank account. 6. I notice that the decision rendered in both the above said cases support the case of the assessee. Accordingly, in the facts and circumstances of the case, I am of the view that the addition of Rs. 45 lakhs made in the hands of the assessee is not justified, since the said deposits have b....