2024 (6) TMI 859

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....ssed by the learned Commissioner of Income Tax (Appeals)- National Faceless Appeal Centre (NFAC), Delhi ("Ld. CIT(A)"), in the case of Vijay Prakash Mantri ("the assessee") for the assessment year 2017-18, assessee preferred this appeal. 2. Brief facts of the case are that the assessee is an individual. For the assessment year 2017-18, he did not file his return of income. Learned Assessing Offic....

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....- and Rs. 14,09,000/- on account of unexplained money under section 69A read with section 115BBE of the Act. 3. Assessee preferred appeal before the learned CIT(A). Learned CIT(A) recorded that in spite of granting several adjournments, the assessee failed to appear and prosecute his case and, therefore, on a perusal of record, learned CIT(A) found no reasons to interfere with the assessment orde....

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....ization period. According to him, since the medical shops are authorised to receive the specified bank notes during the demonetization period by virtue of notification in S.O. 3416(E), dated 09/11/2016 issued by the Ministry of Finance, there was no bar for the assessee to receive even the specified bank notes, but as a matter of fact, there is no such allegation of deposit in specified bank note....

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....etization period. There is no allegation of deposit of specified bank notes and even if it is there, it is not sustainable in view of the notification cited by the learned AR. 7. Having accepted the assessee to have been deriving business income and accepting all the deposits in the bank, except such deposits made during the demonetization period, the learned Assessing Officer estimated the incom....