2023 (9) TMI 433

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..... Vyas, Sr. DR ORDER This appeal is filed by the Assessee against order dated 23.12.2022 passed by the CIT(A), National Faceless Appeal Centre (NFAC), Delhi for the Assessment Year 2017-18. 2. The Assessee has raised the following ground of appeal :- "1. The Learned CIT (Appeals) has erred both in law and on facts of the case in upholding the action of the Assessing Officer of co....

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....ales. The assessee was requested to show cause that why in absence of any justification or reply the cash deposit of excess of Rs. 9,00,000/- amount should not be treated as unexplained income of the assessee for Assessment Year 2017-18. The assessee filed its reply and after taking cognisance of the said reply, the Assessing Officer held that as per Government Notification only sales amount in SB....

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....e demonetisation period against cash sales made and payments received from debtors and for which the assessee has filed the cash book alongwith other details. The Ld. AR submitted that all the relevant details related to the cash deposits was filed and its genuineness. The assessee was having cash in hand on daily basis prior to demonetisation period and during the demonetisation period. The Ld. A....

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.... and the order of the CIT(A) 7. Heard both the parties and perused all the relevant material available on record. It is pertinent to note that no books were rejected in assessee's case and in fact the cash books as well as cash deposited during the demonetisation period was on the basis of heavy cash sales during those days. The contention of the Ld. AR that due to heavy cash sales on those day....