2022 (11) TMI 940

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....Per Bench This an appeal filed by the assessee against the order of the ld. CIT(A), National Faceless Appeal Centre (NFAC), Delhi, dated 23.09.2021, passed in ITBA/NFAC/S/250/2021-22/1035821157(1) for the assessment year 2017-2018. 2. It was submitted by the ld. AR that the assessee is in the business of plying Government buses on contract basis. It was the submission that the assessee has d....

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....nt buses which has been taken on contract basis. The specified bank notes are the money given to the assessee by the passengers. It was the submission that the RBI by Circular dated 08.11.2016 has permitted the transport operators, such as the assessee, who are running Government undertaking buses and public sector buses to accept the specified bank notes. It was the submission that these notes wh....

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....ly shows that the public sector transport operators and government transport operators have been permitted to accept the specified bank notes as legal tender during the demonetisation period. The assessee admittedly is a contractor, who operates the government buses on contract. The assessee very much falls within the specified category which is an exempted category as per the Circular issued by t....