TaxTMI 
TaxTMI 
2024 (5) TMI 782
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....f Rs. 60,08,625/- deposited out of cash sales as unexplained income u/s 69A r.w. section 115BBE of the Act. 2. That the learned CIT(A) has erred in law and on facts in confirming the actions of AO of treating cash sales of Rs. 60,08,625/- as unexplained income without rejecting the audited books of accounts. 3. That the learned CIT(A) has erred in law and on facts in confirming the actions of AO of treating cash sales of Rs. 60,08,625/- as unexplained income ignoring that no discrepancy in the books of accounts and other accounting records were found. 4. That the learned CIT(A) has erred in law and on facts in confirming the actions of AO of treating cash sales of Rs. 60,08,625/- as higher simply on his whims and ....
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.... Rs. 18,08,967/- and made an addition of Rs. 72,91,033/- u/s 69A of the Income Tax Act, 1961 (in short 'the Act') out of the total cash deposited of Rs. 91,00,000/-. Aggrieved by the order of the Assessing Officer, the Assessee filed an appeal before the ld. CIT(A). The ld. CIT(A) also considered the chart prepared by the Assessing Officer and finally gave his finding as under:- "4.3. Considering the all facts of the case and the fact that inauguration, Dhanteras and Deepawali was in the last week of October, 2016. I am of the view that sales may have been some higher in that period and therefore, in place of benefit of Rs. 17,17,592/- for the period 28.10.2016 to 08.11.2016 is taken as Rs. 30,00,000/-. Thus the appellant gets ....
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.... CIT(A) accepted the opening stock, Purchases and Closing Stock but at the same time doubted or sales which is not justified. Moreover, receipt of cash represented by Sales booked as revenue in trading account cannot be considered as Unexplained Investment u/s 69A. 4. The ld. Counsel of the Assessee in his submissions has also brought on record some case laws in support of his arguments, which are as under: NO ESTIMATION OF INCOME WITHOUT REJECTION OF BOOKS 6. The basic principle in the law relating to income-tax is that if there is no challenge to the transaction represented by the entries in books, then it is not open to the other side to contend that what is shown by the entries is not the real state of affairs. Kind....
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.... and (Vice-Versa). b. 2023 (3) TMI 755 - ITAT Chandigarh, Shri Gulshan Kumar Vs. Dy. CIT, Ludhiana, ITA No. 488/Chd/2022, dated 31.10.2022. c. ITAT Chandigarh [2022] 97 ITR (Trib) 389 (ITAT [Chand]) Smt. Tripta Rani Vs. The ACIT, Ludhiana. ITA No. 135/Chd/2021 dated 13-6-2022. 5. The ld. DR, relied on the orders of the Assessing Officer as well as that of the ld. CIT(A). 6. We have considered the arguments put forward by both the parties and perused the material available on record. We find that during the assessment proceedings, all the vouchers of cash sales were produced before the Assessing Officer. The Assessing Officer has not pointed out any lacuna or shortcoming in those vouchers nor any doubt has been raised....