2024 (2) TMI 834

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....2019 by the Assessing Officer, ACIT, Circle-35(1), Delhi (hereinafter referred to as 'ld. AO'). 2. The only issue to be decided in this appeal is as to whether the ld CIT(A) was justified in confirming the addition of Rs. 69,38,000/- made on account of cash deposit made during the demonetization period by the assessee in the facts and circumstances in the instant case. 3. We have heard the rival submissions and perused the material available on record. The facts of the case are that assessee is the proprietor of M/s Bharat Cartons Printers and engaged in the business of manufacturing of corrugated cartons and boxes and multilayer co-ex PE film. Assessee filed his return of income on 29.10.2017 declaring total income of Rs. 56,45,490/-. Bo....

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....It was submitted that in the beginning of labour dispute, there were only few workers who wanted to claim their full and final settlement. But as days progressed, more and more workers joined the protest for full and final settlement. Accordingly, the assessee thought it fit to have sufficient cash balance in his kitty to discharge the labour dues as part of the full and final settlement for which purpose, huge cash withdrawals in the month of October, 2016 were made. On 08.11.2016, demonetization was announced by the Govt. of India and hence the assessee was forced to deposit the available cash in specified bank notes in the bank account. The Bank Manager was refusing to collect the cash in huge sums and he was denying the same and ultimat....

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....882.00   21.11 to 26.11.16 7,043,882.00     124,000.00 7,067,699.00   28.11. to 30.11.16 7,067,699.00     50,000.00 7,015,818.00   01.12 to 06.12.16 7,015,818.00     79,000.00 7,059,917.00   07.12 to 12.12.16 7,059,917.00     74,000.00 6,847,015.00   13.12 to 18.12.16 6,847,015.00     20,000.00 6,823,209.00   19.12 to 24.12.16 6,823,209.00   6,938,000.00 208,000.00 47,373.00   26.12 to 31.12.16 47,373.00 2,646.00   208,000.00 144,561.00   TOTAL   2,646.00 6,938,000.00 885,000.00   6. The assessee also had explained after announcement of demonetization....