2025 (10) TMI 205

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....Bansal, Sr. D.R. ORDER PER SHAMIM YAHYA, AM : The Assessee has filed the instant Appeal against the Order of the Ld. CIT(Appeal)/NFAC, Delhi dated 26.10.2023, relating to assessment year 2017-18 on the following grounds:- "On the facts and in the circumstances of the case and in law the NFAC erred in confirming the following actions of AO in - 1. determining taxable inco....

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....osit. On this issue, it was noticed by the AO that Assessee had deposited Rs. 26,35,000/- during the demonetization period in the bank account. AO compared these sales during the demonetization period with other period sales and found that the sales reflected in demonetization period was very high. He therefore, added a sum of Rs. 26,35,000/- to the income of the assessee. Upon assessee's appeal, ....

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....ot find Assessee's explanation creditable, hence, addition was made which was confirmed by the Ld. CIT(A). Against the aforesaid action of the authorities below, assessee filed an appeal before us. 5. We have heard both the parties and perused the records. We find that difference between the purchases shown in ITR and the invoice value as per the import export data provided by the CBEC has beco....