2025 (5) TMI 93

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....'ble Supreme Court, the appeal is treated as filed in time & accordingly admitted for adjudication. 3. The Appellant has raised the following grounds of appeal :- "1. The Appellant request for condonation of delay in filing the appeal. The appellate order u/s.250 - dt. 18/03/2019 passed by CIT (As)-, National Faceless Appeal Centre, Delhi was received on 18/03/2021 and as such appeal was due to be filed on or before 17/05/2021, Application for condonation of delay is being separately filed affirming the reasons for delay in filing the appeal. Thus, it is requested to please condone the delay in filing the appeal, considering the widespread pandemic situation, and admit it for adjudication on facts and merit of the case and oblig....

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....come on 23.10.2017 declaring total income of Rs. 9,98,290/-. The case was selected for scrutiny and accordingly notices u/s 143(2) and 142(1) were issued to the assessee. During the course of assessment proceedings, it was found by the Assessing Officer that the assessee has deposited Rs. 4,74,000/- SBN into his bank accounts. It was also found by the Assessing Officer that the assessee has accepted Rs. 4,74,000/- of Specified Bank Notes, which he was not allowed for the reason that the assessee cannot accept the demonetized currency i.e. SBN of Rs. 1000 & Rs. 500 denomination from 09.11.2016 onwards, as the same were not a legal tender. It was found by the Assessing Officer that opening cash balance on 09.11.2016 was Rs. 13,26,000/- SBN, &....

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....mitted to accept SBN of Rs. 1000 & Rs. 500 denomination notes. Since the Assessing Officer found that the above SBN of value of Rs. 4,74,000/- were not Legal Tender & were accepted from 09.11.2016 to 10.11.2016, the same was added as unexplained money in the hands of the assessee. It was further submitted by Ld. AR that under identical situation and on similar facts other Coordinate Benches of the Tribunal has already deleted the addition. In support of above contention, Ld. AR relied on following decisions :- (a) ITO vs. Sri Tatiparti Satyanarayana, ITA No. 76/Viz/2021 order dated 16.03.2022. (b) M/s Bhagur Urban Credit Co-op Soc. Ltd. vs. ITO, ITA No. 561/PUN/2022 order dated 03.01.2023. (c) Mrs. Umamaheswari vs....

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....ion of Ld. AR that as per the Cessation of Liabilities Act, 2017, the SBN of Rs. 1000 & Rs. 500 demonetized seized to be legal tender w.e.f. 31.12.2016 i.e. the appointed day and accordingly it is requested that prior to this appointed day Rs. 1000 & Rs. 500 denomination notes were legal tender and therefore the Assessing Officer was not correct in making the addition and consequently Ld. CIT(A)/NFAC was also not justified in confirming the action of the Assessing Officer. It was also the alternate contention of the counsel of the assessee that the provisions of section 115BBE were brought on statute book w.e.f. 15-12-2016, hence cannot be applied on a transaction which took place prior to 15-12-2016. In support of its main ground that the ....