2024 (7) TMI 876

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.... was filed by the assessee for the year under consideration on 14/03/2018 and the case was selected for scrutiny to verify the source of cash deposits during the demonetization period. The Ld.AO noted that the assessee had deposited Rs. 37,19,640/- in 2 bank accounts with SBI and Canara Bank. As the assesee could not furnish any details, the same was added u/s 68 of the Act as unexplained money and taxed it u/s 115BBE of the Act. 3. The Ld.AO also presumed 8% income on the total bank credits in the SBI and Canara Bank and made an addition of Rs. 20,13,663/- being business credits in the hands of the assessee. Aggrieved by the addition made by the Ld.AO, the assessee preferred an appeal before the Ld.CIT(A). 4. The Ld.CIT(A) passed ex-par....

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....ash deposits. It provides the manner in which necessary verifications of the books of accounts have been to be made where substantial evidences of vide variation are found. Therefore, it is very important to note that whether the case of the assessee, suggests that there is a booking of sales, which is non- existent and thereby unaccounted money of the assessee in old currency notes (SBN) have been pumped into as unaccounted money. 9.2. Further CBDT instruction dated 21/02/2017 requires the Ld.AO to verify the basic information e.g. monthly sales summary, relevant stock register entries and bank statement to identify cases with preliminary suspicion of back dating of cash and is or fictitious sales. The instruction also suggests certain in....