TaxTMI 
TaxTMI 
2023 (8) TMI 40
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....ter 'the Act') vide order dated 12.12.2019. 2. The only issue in this appeal of assessee is as regards to the order of CIT(A) confirming the action of the AO in making addition of unaccounted cash u/s. 69 of the Act being deposits of 'Specified Bank Notes' (SBNs) during demonetization period. For this, assessee has raised various grounds, which need not be reproduced. 3. Brief facts are that the assessee firm is carrying on the business as distributor for Nestle India Ltd. For the relevant assessment year 2017-18, assessee filed its return of income on 04.11.2017 declaring total income at Rs. 8,460/- along with audit report u/s. 44AB of the Act. The Revenue carried out a survey u/s. 133A of the Act on 14.03.2017 at the business premis....
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....t honour the promise nor submitted any valid explanation for the unaccounted cash of Rs. 31,21,238 noted in the diary. Hence, the AO had no other alternative except to bring the said amount to tax. The assessment is not based on mere statement alone, it is backed by the clear noting in the diary. The plea of the appellant that the statement was given under confused statement of mind cannot be accepted. If that be so, he should have retracted the same immediately after the survey. The cash found being unaccounted cash would not be disclosed in the books of accounts and therefore reference to the audited books of accounts etc. are irrelevant. The denial of the statement by the partner is only an afterthought and too without any valid grounds.....
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....de under the PMGKY Scheme. i.e. Rs. 15,57, 380/- 2. I will deposit 25% of the amount i.e. Rs. 7,80,250/- in the specified Deposit under the Scheme 3. As a token of proper cooperation, I will pay Rs .2,00,000/- tomorrow I promise to pay the remaining tax dues before 31st March 2017. I request you not to invoke other provisions of the Act levying interest or penalty. I may be provided immunity from prosecution also. 15. Are you aware that the taxes have to be paid and deposit should be made under the PMGKY before 31 March 2017? Are you aware of the fact that the immunity offered by PMGKY scheme will be withdrawn if you do not pay the promised taxes and make the PMGKY deposit before 315 March 2017? Ans: Yes,....
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.... the Diary it is noticed that you have received cash both from sales and otherwise. Please explain. Ans: I am not able to explain the details since there is no other record maintained for the purpose. The ld.counsel for the assessee stated that as per answer to question No.12, there is a mention of sale collection received both in old and new notes but how much, it is not clear. The ld.counsel for the assessee stated that even there is no detail in assessment order or the order of the CIT(A) that how much are old notes and how much are new notes i.e., old notes means demonetized currency in 1000 and 500 notes i.e., SBNs. According to ld.counsel, the entire cash deposits on account of sale proceed of product of Nestle India Ltd.,....