2024 (8) TMI 1501

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....tization for sum of Rs. 14,93,000/- not allowed as sales of the appellant by the CIT(A)." 3. The relevant facts giving rise to this appeal are that the appellant/assessee, Proprietor of Fab Look, engaged in business of the trading of fabrics, filed her Income Tax Return (In short, the 'ITR') declaring income of Rs. 3,95,190/- on 31.08.2018. The case was picked up for scrutiny on the reasoning that the appellant/assessee had deposited substantial cash during the demonetization period. The consequential assessment was completed at income of Rs. 56,25,690/- vide order dated 07.12.2019 passed under section 143(3) of the Income Tax Act, 1961 (In short, the 'Act'). The Assessing Officer (In short, the 'AO') taxed the entire cash ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

............................... In absence of any documentary evidences to substantiate the sources of cash deposits during the demonetization period no relief can be granted to the appellant on this issue. The addition of Rs. 14,93,000/- is upheld. To sum up the addition of Rs. 52,30,500/- is restricted to Rs. 14,93,000/-." 4. The Ld. Counsel drew our attention to the following tabular data (Numerals are in Rupees):- A.Y. Gross Turnover Cash balance Income from Business Income from Other Sources Total Income as per the ITR 2015-16 61,18,268/- 12,450/- 5,10,267/- 3,256/- 3,36,270/- 2016-17 63,05,936/- 26,840/- 5,25,408/- 5,484/- 3,42,660/- 2017-18 58,25,800/- 40,200/- 4,95,193/- 3,295/- 3,....