2025 (11) TMI 631

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....nue : Sh. Dheeraj Kumar Jain, Sr. DR ORDER PER YOGESH KUMAR, U.S. JM: The present appeal is filed by the Assessee against the order of Ld. Commissioner of Income Tax (Appeals)/National Faceless Appeal Centre ('Ld. CIT(A)'/'NFAC' for short), dated 01/10/2024 pertaining to the Assessment Year 2017-18. 2. The Grounds of Appeal are as under:- "That the Ld. CIT(A) has wrongly confi....

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....ounsel for the Assessee submitted that books of accounts of the Assessee has not been rejected and the Assessee has declared the cash sales as business income and duly paid the tax. The Ld. Counsel further submitted that either the A.O. or the Ld. CIT(A) have not disputed the sale reported in DVAT and the assessee has also paid VAT taxes, the Lower Authorities have not found any discrepancy in the....

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...., thus submitted that the order impugned requires no interference at the hands of the Tribunal. 6. We have heard both the parties and perused the material available on record. The Ld. A.O. made an addition of Rs. 50,18,000/- u/s 68 of the Act on account of cash deposited during the demonetization period. During the year under consideration, the Assessee had total turnover of Rs. 1,27,04,293/- t....

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....nd Loss account maintained by the Assessee. It is also not in dispute that during the Financial Year 2015-16 Rs. 1,01,53,256/- and during Financial Year 2016-17 to Rs. 1,27,04,293/- was the sales turnover which shows that there is no material deviation except normal growth in the business. The total cash deposits in the year under consideration was Rs. 52,18,000/- out of which Rs. 39,37,000/- was ....