TaxTMI 
TaxTMI 
2024 (12) TMI 1346
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....Z.M. Wallace, Advocate For the Respondents Represented by Adv.- Mr. S.C. Mohanty, Advocate (Sr. Standing Counsel) Mr. A. Kedia, Advocate (Junior Standing Counsel) ORDER Order No. I.A. no.30 of 2024 and ITA no.28 of 2024 1. Mr. Lal, learned advocate appears on behalf of applicant/appellant-assessee and submits, reported delay of 373 days be condoned and he be allowed to move for admission o....
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....ned order is erroneous would be apparent from the Tribunal having referred to the sum of Rs. 28,00,000/- deposited by his client on 12th November, 2016 as unexplained investment. The Assessing Officer (AO) had made addition of the amount as unexplained money under section 69-A. Furthermore, there stood issued notification dated 8th November, 2016. Clause (iii) under paragraph-2 of the notification....
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....ned order of the Tribunal. It is a clear case where the assesse had only Rs. 252.40 shown as balance in his cash book on 8th November, 2016 but thereafter on 12th November, 2016 deposited by SBN, Rs. 28,00,000/-. It was unexplained money and correctly added by the AO. A mistaken reference by the Tribunal to the unexplained money as unexplained investment does not make a difference. 7. The assessm....
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....ence, the assessee can neither confirm nor deny the denominations deposited. The deposit during demonetization would have contained old demonetized notes. The deposits during that period are made out of cash sales and realization of debtors in the regular course of the assessee's business. The assessee is in the agency-line business of FMCG goods. Despite of the huge turnover, the assessee ....