TaxTMI 
TaxTMI 
2023 (8) TMI 1338
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.... (NFAC), Delhi ["Ld. CIT(A)", for short], dated 31/03/2022 for Assessment Year 2017-18 and the assessee filed Cross Objection No. 131/Del/2022 by supporting the order of the CIT(A). 2. The Grounds of Appeal of the Revenue are as under: "1. The Ld. CIT (A) grossly erred in deleting the addition of Rs. 3,89,52,097/- under section 68 of the IT Act, 1961. 2. Whether, the Ld. CIT (A) is correct in law in deleting the additions made under the provisions of section 68 of the Income Tax Act, 1961 and treating cash deposit as sales, when assessee during the course of assessment proceedings failed to provide any justification for difference in cash sales of AY 2017-18 from AY 2016-17 and AY 2018-19. 3. Whether the Ld. CI....
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....se of not taking full details of customers which is not mandatory under the law cannot be any import in drawing adverse conclusion against the sales made, when all other parameters like purchases, stock register, sufficiency of stock for sales made are accepted. * That the entries pertaining to cash sales and corresponding bank accounts have been duly reflected in the books of accounts of the appellant. * That the Books of accounts of the appellant have not been doubted by the assessing officer u/s 145(3) of Income Tax Act, 1961. * That the cash receipts represent the sales which the appellant has already offered for taxation. * That there is no case for making the addition u/s 68 and tax the same u/s 115....
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....tion period are bogus/non genuine cashless and were used as a device to introduce unaccounted money lying with the assessee before demonization in his books of accounts, therefore, the A.O. added Rs. 3,89,52,097/- as Assessee's income from undisclosed sources u/s 68 of the Act. Aggrieved by the assessment order dated 28/12/2019, the assessee preferred an Appeal before the CIT(A). The Ld. CIT(A) vide order dated 31/03/2022 allowed the Appeal of the assessee by deleting the addition made by the A.O. Aggrieved by the order of the CIT(A) the Department of Revenue filed an Appeal in ITA No. 1597/Del/2022 and by supporting the order of the CIT(A), the assessee filed C.O. No. 131/Del/2022. 5. The Ld. Departmental Representative submitted that t....
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....lved in the grounds of appeal of the Revenue is regarding addition made by the A.O. u/s 68 of the Act to the tune of Rs. 3,89,52,097/- which has been deleted by the CIT(A). During the assessment proceedings, the A.O. did not find difference in the stock/Inventory register or the stocks maintained by the assessee, no adverse recording or findings have been made vis-a-vis any difference noticed by the A.O. in the stock, thus, in the absence of any defect or infirmity in the stock data, the A.O. has no reason to disbelieve the sales. Though, the A.O. found certain suspicions features in the books in terms of sudden spike in cash sales as compared to earlier and succeeding years, but the A.O. was not able to point out any defect in the books of....