2025 (8) TMI 1172

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....CIT(A) was justified in deleting the addition of Rs. 1,00,00,000/- u/s 68 of the Act made by the AO without appreciating the fact that large cash sales were made just before the demonetization and quantum of cash sales was abruptly on higher side ? ii) Whether on the facts and in the circumstances of the case and in law, the Ld. CIT(A) was justified in deleting the addition of Rs. 1,00,00,000/ u/s 68 of the Act without appreciating that the assessee failed to explain any reason for not depositing the cash in hand until the declaration of demonetization. iii) The appellant craves leaves to add modify, amend or alter any grounds of appeal at the time of or before, the hearing of appeal." 3. The assessee filed return of in....

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....). The CIT(A) allowed the appeal of the assessee. 5. The ld. D.R. submitted that the assessee has deposited cash of Rs. 1,00,00,000/- during demonetization period in this bank account from assessee's unexplained sources and which was earned in old currency which has been deposited in the bank account during demonetization period. The assessee has not explained properly that there was a receipt of money from conversion of note which was during the sale of two dates which are mentioned in para 12.2. Thus, the ld. D.R. relied upon assessment order. 6. The ld. A.R. submitted that the CIT(A) has partly confirmed the addition to the extent of Rs. 3,65,000/- in respect of cash sales to customer (Snehaben) since such cash in excess of Rs. 2,0....