2025 (5) TMI 607

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... ORDER This appeal is filed by the Assessee against the order of the Ld. CIT(Appeals)-NFAC, Delhi dated 07/12/2023 for the AY 2017-18 in sustaining the addition of Rs. 29,50,000/- made u/s 69A of the Income Tax Act, 1961 ("the Act") as unexplained money. 2. Ld. Counsel for the assessee, at the outset, submits that the case of the Ld. AO is that assessee has allegedly deposited Rs. 29,50,00....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....PB 42-63 is the copy of account statement of Punjab National Bank vide current account no. 2159002101007525 of M/s Global Aura Sports Private Limited showing that the cash was deposited in the above said company account at various dates during the period of demonetization not in assessee's bank account. PB 29-32 is the copy of assessee's reply dated 13.07.2019 submitted before Ld. AO agai....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

...., period. PB 21-28 is the copy of account statement of YES Bank account no. 001491900009711 for the FY 2016-2017 showing that no cash was deposited by assessee during the demonetization period. PB 1-3 is the copy of acknowledgement of ITR with computation of income for the AY 2017-18. PB 12-28 is the copy of assessee's reply dated 27.09.2018 submitted before Ld. AO along....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....essee is that the account in which the cash deposits were made during demonetization period appears to be correct. Therefore, the addition made by the Assessing Officer u/s 69A in the hands of the assessee cannot be sustained. However, for the limited purpose of the verification of the facts and contentions of the assessee the issue is restored to the file of the Assessing Officer and the Assessin....