2024 (8) TMI 363

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....of natural justice, but at the time of hearing he conceded all the grounds. However, the assessee has raised only two issues on merits: 2. The first issue raised by the assessee is with regard to the order of the learned CIT (A) confirming the action of the Assessing Officer in making addition of Rs. 11.24 lakhs being cash deposits during the demonetization period in specified bank notes (SBNs) as the assessee was unable to prove the source of cash deposits. 3. Brief facts are that the assessment was selected for scrutiny on verification of the data relating to 'cash deposits during the demonetization period' available in AIMS module of ITBA. The Assessing Officer noticed that the assessee has deposited demonetized cash of Rs. 11.24 lakhs....

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....e debtors and in absence of the same, the learned CIT (A) confirmed the action of the Assessing Officer. 5. Aggrieved by the order of the learned CIT (A), the assessee is in appeal before the Tribunal. 6. Before me, the learned Counsel for the assessee Shri E. Phalguna Kumar, CA appeared. On the other hand, the Revenue was represented by Shri Ashish Kumar Shukla, Sr. DR. I have heard rival contentions and gone through the orders of the Assessing Officer and the learned CIT(A) and the Paper Book filed by the assessee. I noticed that the assessee was having closing cash balance available in his cash book as on 8.11.2016 at Rs. 6,97,209/-. In my view, this cash was available with the assessee as on the date of announcement of demonetization ....