2024 (1) TMI 558

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....gning Ext. P1 notice, Ext. P8 show cause notice, Ext. P13 assessment order and Ext. P14 demand notice. 2. Petitioner is an assessee under the provisions of the Income Tax Act, 1961 ('Act', for short). He is carrying on business in cement, iron & steel, paints, chemicals etc. under the name and style M/s. Asian Trading Company. The petitioner had filed income tax return for the assessment year 2017-18 on 14.3.2018 disclosing a total income of Rs. 12,97,600/- from all sources. As per the information reflected in the Insight Portal, the petitioner/assessee had made huge cash deposit in his Bank account during the demonetisation period. Considering the huge cash deposit in the Bank account of the petitioner, proceedings under Section....

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....de during the demonetisation period could not be verified from the Bank statement. The petitioner did not furnish cash book, sales register etc. as called for as per notice under Section 142(1) of the Act. 4. After examining the documents and replies submitted by the petitioner, a fresh notice under Section 142(1) dated 3.3.2022 was issued to the petitioner/assessee calling upon the information with supportive documents as under: "1. With reference to your reply, it is noted that you have not submitted cash book as called for in earlier notice dated 13.12.2022. Your argument that the file is longer than 10MB so could not be uploaded is not acceptable. Please upload the same by splitting the file in many parts. 2. You ha....