2024 (11) TMI 1249

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....av Goswami, Adv For the Department : Shri Sanjay Kumar, Sr. DR ORDER PER NAVEEN CHANDRA, ACCOUNTANT MEMBER:- This appeal by the assessee is preferred against the order of the NFAC, Delhi dated 27.09.2023 pertaining to A.Y 2017-18. 2. The assessee has raised as many as 7 grounds of appeal. However, the solitary issue pertains to the addition of Rs. 35,40,660/- made by the Assessing O....

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....of Rs. 65,00,000/- deposited in the bank account of the assessee during the demonetization period not be added as income from undisclosed sources u/s 68 of the Act. The Assessing Officer was of the opinion that the sum was not deposited in the bank in one go, rather it was deposited in piece-meals in the months of November and December 2016. 5. In response, the assessee submitted before the Ass....

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..... 6,00,000/-, the amount of Rs. 3,92,127/- was the opening cash in hand as on 01.10.2016. Stock amounting to Rs. 40.7 lakhs was lying with the assessee as on 01.10.2016 and cash sales were in the normal course of business. 7. Not satisfied with the explanation offered by the assessee, the Assessing Officer assessed the income of the assessee at Rs. 49,61,390/-. 8. Aggrieved, the assessee wen....

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....shows that the facts of the case in hand are identical to the facts of the case in New Gujaranwala Jewellers [supra]. The Assessing Officer was of the view that cash deposit in every transaction was below Rs. 2 lakhs which was done to avoid application of provisions of section 258BA r.w.r. 114E of the Act, which has no legs to stand as there is nothing on record to prove the same. Moreover, the As....