2023 (4) TMI 735

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....) in National Faceless Appeal Centre, Delhi u/s.250 of the Income-tax Act, 1961 (hereinafter also called 'the Act') in relation to the assessment year 2017-18. 2. The only issue raised herein is against the confirmation of addition of Rs.9,81,000/- towards the cash deposited during demonetization period. 3. Briefly stated, the facts of the case are that the assessee is a partnership firm engaged....

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....e Tribunal. 4. I have heard the rival submissions and gone through the relevant material on record. The assessee admittedly deposited Rs.16.81 lakh in two bank accounts during the demonetization period. Source of such cash was explained to be from normal business operations. It is seen that opening cash in hand as on 01-04-2016 stood at Rs.13,64,991/-. The assessee furnished its return for the im....

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....ring demonetization period. On none of the intervening days, the cash balance has turned into negative. It is further relevant to note that balance in the partners' capital account at the end of the year stands at Rs.2,55,06,344/- as against the last year's closing balance of capital at Rs.2,55,68,286/-. Detailed copies of partner's current and fixed capital accounts have been annexed to the balan....