2022 (11) TMI 940

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....sessee 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 disclosed Rs.10,32,320/- from the business of ....

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....is. 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 which have been given by the passengers cannot ....

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....rs 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 the RBI. Once the assessee falls within the exempt....